$IGNG mj news Grapefruit Announces Memorandum of Understanding with Owner of Patented “Patchless Patch” for Timed Release Delivery of Grapefruit’s Cannabis Products
Press Release | 09/16/2019
Los Angeles/Desert Hot Springs, CA, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc. a Los Angeles based cannabis and CBD company and wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) which has been licensed by the State of California to both manufacture and distribute cannabis products in California since January 2018 is announcing today that on August 22, 2019 it executed a formal Memorandum of Understanding (“MOU”) with a privately held manufacturer (the “Patent Holder”) of a novel patented and trademarked delivery system comprised of highly engineered microscopic particles that topically deliver a therapeutic payload to the user over an extended period of time. This system is the “patchless patch”. Grapefruit and the Patent Holder have agreed to negotiate expeditiously and in good faith to enter into a more formal license agreement as soon as possible. The MOU, however, states that until a formal license agreement is reached, the MOU is binding on the parties. The proposed license shall be exclusive for an initial term of 2.5 years and the territory initially covered is the States of California and Illinois. Grapefruit paid the Patent holder $5,000.00 and issued it 100,000 shares of IGNG common stock on execution of the MOU. When the parties reach a formal license agreement Grapefruit shall pay the Patent Holder $50,000.00 in two installments of $25,000.00 each and shall issue 1,000,000 shares of IGNG common stock to the Patent Holder. Grapefruit will have 8 months from the actual technology transfer to commercialize the first ‘patchless patches” and shall pay a decreasing royalty of between 4 and 7% of revenues to the Patent Holder depending on the level of revenue achieved.
Bradley J. Yourist, Grapefruit CEO stated, “The Patchless Patch is the future of THC, and Grapefruit will be the first to deliver it to legal Cannabis product users. We see it as a breakthrough and will do everything within our abilities to bring this novel cannabis delivery system to market expeditiously. Our Company’s mission has always been how to best enhance our customers’ health and wellness by leveraging novel, effective technologies and this unique cannabinoid delivery system will advance that mission. Grapefruit delivers yet another achievement on its inexorable advancement to legal cannabis and CBD industry leadership.”
About GRAPEFRUIT
Press Release | 09/16/2019
Los Angeles/Desert Hot Springs, CA, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc. a Los Angeles based cannabis and CBD company and wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) which has been licensed by the State of California to both manufacture and distribute cannabis products in California since January 2018 is announcing today that on August 22, 2019 it executed a formal Memorandum of Understanding (“MOU”) with a privately held manufacturer (the “Patent Holder”) of a novel patented and trademarked delivery system comprised of highly engineered microscopic particles that topically deliver a therapeutic payload to the user over an extended period of time. This system is the “patchless patch”. Grapefruit and the Patent Holder have agreed to negotiate expeditiously and in good faith to enter into a more formal license agreement as soon as possible. The MOU, however, states that until a formal license agreement is reached, the MOU is binding on the parties. The proposed license shall be exclusive for an initial term of 2.5 years and the territory initially covered is the States of California and Illinois. Grapefruit paid the Patent holder $5,000.00 and issued it 100,000 shares of IGNG common stock on execution of the MOU. When the parties reach a formal license agreement Grapefruit shall pay the Patent Holder $50,000.00 in two installments of $25,000.00 each and shall issue 1,000,000 shares of IGNG common stock to the Patent Holder. Grapefruit will have 8 months from the actual technology transfer to commercialize the first ‘patchless patches” and shall pay a decreasing royalty of between 4 and 7% of revenues to the Patent Holder depending on the level of revenue achieved.
Bradley J. Yourist, Grapefruit CEO stated, “The Patchless Patch is the future of THC, and Grapefruit will be the first to deliver it to legal Cannabis product users. We see it as a breakthrough and will do everything within our abilities to bring this novel cannabis delivery system to market expeditiously. Our Company’s mission has always been how to best enhance our customers’ health and wellness by leveraging novel, effective technologies and this unique cannabinoid delivery system will advance that mission. Grapefruit delivers yet another achievement on its inexorable advancement to legal cannabis and CBD industry leadership.”
About GRAPEFRUIT
