Grapefruit/IGNG Announces Distribution Contract; CEO Comments on the Company’s Multiple Revenue Streams

Los Angeles/Desert Hot Springs, CA, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc. (“GBI”) a Los Angeles based California corporation and wholly owned subsidiary of Imaging3, Inc., a Delaware corporation (“IGNG”) (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) is announcing that on Friday, December 6, 2019, the Company entered into a weekly purchase agreement to supply “fresh-frozen” cannabis flowers to a large cannabis extractor and manufacturer in Oakland, California.

With respect to the weekly purchase agreement, Bradley J. Yourist, Grapefruit CEO, stated, “Grapefruit has entered into a weekly purchase agreement with a large cannabis extractor and manufacturer in Oakland to supply highly-potent, “fresh-frozen” cannabis flowers which are used to make specialized cannabis extracts such as shatter, live resin and sauces. These ”fresh-frozen” cannabis flowers are sought after because, since they are frozen immediately after harvesting, their aromas and cannabinoids are preserved at peak levels and their terpenes, which would be lost to weeks of drying and curing, are preserved intact. Moreover, “fresh-frozen” cannabis flowers are taxed at a lower rate than cured flowers in California. As a result, significant numbers of cannabis cultivators are fresh-freezing their entire crop to take advantage of this fact.”

Yourist continued, “The sale of “fresh frozen” cannabis flowers to multiple manufacturers is just one of the many revenue streams that Grapefruit is developing, including, but not limited to, the wholesale distribution of dried and cured cannabis flowers, cannabis trim, cannabis distillate & crude oil produced at our state of the art Coachillin extraction plant, cannabis creams and cannabis infused edibles. Furthermore, as stated in previous communications to our shareholders, Grapefruit continues to move vigorously ahead with the testing and manufacturing of our patented THC “patchless patch” topical cream which is able to deliver a defined dose of THC to our customers through the skin over an extended period of time. Our ability to exploit multiple revenue streams affords us a strategic advantage over competitors because it allows us to quickly adapt to ever evolving industry trends and to serve multiple customers with differing needs across the cannabis spectrum.”