Grapefruit corporate (OTCMKTS:GPFT) has permits and licenses for manufacturing and distributing cannabis products in Golden State. Headquartered in Los Angeles, California, its extraction laboratory is located in industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs. This is located on the extension of North Canyon Road, about 14 miles north of downtown Palm Springs.
Trading Data
On Thursday, GPFT stock gained 16.51% to $0.0127 with 495K shares, compared to its average volume of 396K shares. The stock moved within a range of $0.0109 – 0.0130 after opening trade at $0.0109.
Grapefruit USA, Inc. Provides Update on Diagnostic Lab Corporation, Inc. Acquisition, Secures New Financing
Grapefruit USA Inc on August 18, 2022, updated on the recent announcement of the proposed acquisition of Diagnostic Lab Corporation of Englewood Cliffs, New Jersey. Diagnostic Lab Corporation is a diversified food and agriculture safety company.
The company also confirmed recapitalization even as it finalizes the due diligence on DLC. Grapefruit USA is in the last stages of negotiating terms of anticipated financing as well as structuring the transaction documents.
Bradley J. Yourist, Grapefruit’s CEO and co-founder said that the firm is giving the update to inform the loyal shareholders on the company making progress. Yourist added that though there is a challenging current macroeconomic environment, the company’s management and professionals have pulled off a successful acquisition of DLC. The CEO also said that there has been an influence on the capital market, but the firm is continuing to become a medical science-based, wellness-driven, and canna-focused biotech company.
Key Quote
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “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, a canna-focused biotech company.”
Technical Data
GPFT stock is trading below the 20-Day and 50-Day Moving averages of $0.0129 and $0.0147 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0227. The company has a total market capitalization of $7.11 million. The stock is down 3% over the past month.
