California-based canna-biotech company Grapefruit USA, Inc. (OTCQB:GPFT) has executed a term sheet with the Al Habtoor Group, located in Dubai, UAE, to finance development of its 2-acre lot in the Coachillin’ Canna-Business Park in Desert Hot Springs, California, located just North of Palm Springs.
The process now moves to the due diligence phase. When due diligence is completed, final details of financing terms will be released.
As previously announced, the company has obtained a permit to build its 30,000-square-foot “Mothership” facility that will house a state-of-the-art indoor grow as well as a separately licensed distribution hub and laboratory that will produce high-quality extracts from trim generated by processing the indoor grow.
Bradley J. Yourist, Grapefruit’s CEO, commented, “Grapefruit is gratified to have attracted the interest of a very successful, rapidly growing luxury lifestyle firm with a global perspective such as the Al Habtoor Group. This association, along with the recently announced filing of our Notice of New Cannabis Product for Hourglass with Health Canada, further emphasizes the company’s evolution from a traditional California cannabis company to an international canna-biotech company. We look forward to completing the due diligence phase so we can finalize the financing arrangements and begin construction as soon as possible.”
Price Action
Grapefruit USA shares closed Tuesday market session 14.29% higher at $0.032 per share.
