Grapefruit/IGNG and Pacific Banking Corp Announce Signing a Reseller Letter of Intent to Expand Cannabis Banking Services into Southern California.

Los Angeles & Desert Hot Springs, California, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc., (“GBI”) a licensed and fully compliant California based cannabis distribution and manufacturing company and a wholly owned subsidiary of Imaging3, Inc., a Delaware corporation (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) is announcing today that it has entered into a non-binding reseller letter of intent with Seattle, Washington based Pacific Banking Corp.(“PBC”) to market PBC’s unique, innovative and compliant banking services to properly licensed and compliant cannabis and hemp companies which meet certain PBC qualitative criteria and metrics in Southern California.

PBC offers most of the same business banking services that traditional banks offer to the general public but refuse to offer to cannabis and hemp companies. PBC specializes in offering these traditional business banking services to higher-risk businesses such as properly licensed and fully compliant cannabis and hemp enterprises that pass PBC’s rigorous customer screening and approval process. Specifically, PBC offers personalized, specialized banking services, including daily monitored account security, virtual banking, assistance with ACH transactions, wire transfers, cash depository and logistics services, eChecks and online account management. Its services meet the highest Bank Secrecy Act and Financial Crimes Enforcement Network compliance requirements. The PBC Compliance Program performs a full audit and compliance assessment of a depositor’s legacy cash transaction and monitors and evaluates daily cash transactions. PBC has many accounts throughout the USA and Canada.

Since September 2019 Grapefruit (OTCQB: IGNG) has used the PBC banking services platform to effect a significant percent of its banking transaction, and PBC’s performance has been exemplary to date.

With respect to Grapefruit’s planned efforts to market PBC’s compliant cannabis and hemp banking services in Southern California, Bradley J. Yourist, Grapefruit’s CEO, stated, “We were introduced to PBC’s principal and CEO Justin Costello by a Southern California based licensed manufacturer who reported to us that he was very happy with PBC’s banking services in June 2018 and we began to have regular discussions concerning various aspects of the legal cannabis business. Grapefruit and PBC performed due diligence on one another and once we became comfortable with each other’s levels of professionalism and compliance, Grapefruit applied to open accounts with PBC. Once Grapefruit was screened and approved to use the PBC banking platform, and we opened our accounts with PBC we have enjoyed a much better bank service experience than we did with the major Banks we had previously had accounts with.