LOS ANGELES and DESERT HOT SPRINGS, Calif., March 10, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTC: GPFT) ("Grapefruit" or the "Company"), an innovative California-based cannabiotech company, today updates its recent announcement regarding the proposed acquisition of Diagnostic Lab Corporation, Inc. of Englewood Cliffs, New Jersey ("DLC"), a diversified food and agriculture safety company, as well as the proposed recapitalization of the Company.

On Aug. 18, 2022, the Company announced 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 further reported on Nov. 21, 2022, that "due to 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." Today, the Company updates its guidance and states that the anticipated transaction and financing are continuing.

In light of acute market conditions in the cannabis capital markets and cannabis-related economies in general, the financial terms being negotiated will most likely be capital infusions in several tranches and paid over time. Further, the Company's strategic plan is being modified to address market changes and several growth opportunities in cannabis retail as well as general agricultural and hemp/CBD/wellness verticals. The cannabis retail sector in the nascent East Coast marketplace presents the best opportunity for growth.

Bradley J. Yourist, Grapefruit's CEO and co-founder, commented, "We are providing this update to inform our many loyal shareholders that the Company is making significant progress with respect to the DLC acquisition and securing additional capital, despite the challenging current macro-economic environment and its influence on the capital markets. Grapefruit's management, staff and outside professionals continue to work together very efficiently to ensure a successful acquisition of DLC. Grapefruit is laying the groundwork to implement the Company's long-term strategic plans to acquire several retail stores in the Eastern part of the United States as the next event in the Company's evolution to a wellness-driven, medical science-based, canna-focused biotech company."

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About Grapefruit

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, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit the Company's website at

Safe Harbor Statement

Grapefruit cautions that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties inherent in Grapefruit's business, including, without limitation: the Company may not ever obtain additional funds necessary to support its business development and growth plans; and the Company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2022, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

Investor Relations Contact:
Bradley Yourist
ir@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382

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