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 (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 (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.
Our relationship with Mr. Costello grew to the point that on or about September 11, 2019, we appointed him to be the first member of our Strategic Advisory Board. Now that we are comfortable using PBC’s banking service, we will team up with PBC to offer PBC’s banking solutions in Southern California to properly licensed, compliant hemp and cannabis companies which pass PBC’s client screening regimen. We will only accept companies that demonstrate bulletproof compliance and ethical corporate governance. Over the next thirty days, Grapefruit and PBC will negotiate a definitive agreement. Once the definitive agreement is finalized and executed Grapefruit will work with PBC to commence marketing PBC’s specialized cannabis and hemp banking services in Southern California.”
Mr. Justin Costello, CEO of Pacific Banking Corp. and GRN Holding Corporation (OTCPink “GRNF”) commented “We are very happy to expand our relationship with Grapefruit beyond that of bank/customer to that of working partner in this banking services context. PBC estimates that legal cannabis /hemp enterprise deposits in Southern California could currently exceed $600 million dollars with robust growth prospects beyond. We look forward to working with Dan and Brad on this project.”
To learn more about Pacific Banking Corp., you may visit their website at: https://www.pacificbankingcorp.com/
Grapefruit is a wholly owned subsidiary of Imaging3, Inc. Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s extraction laboratory 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 Rd., approximately 14 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January 2018 and commenced distribution of cannabis products thereafter. Grapefruit’s vision is to become a seed to sale, fully vertically integrated ethical and compliant cannabis product Company. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
Safe Harbor Statement
Imaging3 cautions you 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 Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You 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.