Grapefruit USA, Inc. (OTCQB:GPFT) executed a binding letter of intent, entered into on June 30, 2022, by the company and Diagnostic Lab Corporation of Englewood Cliffs, New Jersey, pursuant to which the company and DLC will jointly recapitalize Grapefruit and raise $12.5 million of debt financing (including $5.5 million already committed from a qualified construction lender) to:
1. Complete construction of the company’s “Mothership” cultivation, manufacturing and distribution facility in the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park, located 14 miles north of downtown Palm Springs, California.
