GPFT - InvestorNewsBreaks - Grapefruit USA Inc. (GPFT) Executes Term Sheet with Dubai-Based Lender to Develop 'Mothership' Facility
Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, announced that has executed a term sheet with the Al Habtoor Group, located in Dubai, United Arab Emirates. The agreement is intended to finance development of GPFT’s two-acre location in the Coachillin’ Canna-Business Park in Desert Hot Springs, California. Calling the future facility the “mothership,” Grapefruit officials have outlined plans to build a 30,000-square-foot building that will house a state-of-the-art indoor grow and a separately licensed distribution hub and laboratory designed to produce high-quality extracts from trim generated by processing the indoor grow. According to the announcement, the term sheet agreement will go through the due diligence phase before final details will be released. “Grapefruit is gratified to have attracted the interest of a very successful, rapidly growing luxury lifestyle firm with a global perspective such as the Al Habtoor Group,” said Grapefruit CEO Bradley J. Yourist in the press release. “This association, along with the recently announced filing of our Notice of New Cannabis Product for Hourglass(TM) with Health Canada, further emphasizes the company’s evolution from a traditional California cannabis company to an international cannabiotech company. We look forward to completing the due diligence phase so we can finalize the financing arrangements and begin construction as soon as possible.”
To view the full press release, visit https://ibn.fm/QDh8H
About Grapefruit USA Inc.
Grapefruit's corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit's extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin' Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California. To find out more about the company, please visit https://GrapefruitBlvd.com.
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