Grapefruit USA, a California-based cannabiotech company, is updating its recent announcement of the proposed acquisition of Diagnostic Lab Corporation of Englewood Cliffs, New Jersey (DLC), a diversified food and agriculture safety company, and the recapitalization of the company.
On Aug. 18, 2022, the company reported that it was “finalizing its due diligence on DLC, and is in the final stages of negotiating the terms of its anticipated financing and structuring the transaction documents, all of which it expects to complete in the next several weeks.” The company is reporting today that despite current general market and economic conditions, the anticipated transaction and financing process is active and continuing, with all terms and conditions of financing and structure expected within the next 30 days.
“We are providing this update at this time to inform our many loyal shareholders that the Company is making significant progress with respect to the DLC acquisition, despite the challenging current macroeconomic environment and its influence on capital markets. Despite these potential distractions, Grapefruit’s management, staff and outside professionals continue to work very efficiently together to ensure a successful acquisition of DLC as the next event in the Company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company," said Bradley J. Yourist, Grapefruit’s CEO and co-founder.
