NetworkNewsBreaks – Grapefruit Boulevard Investments, Inc. (IGNG) Enters Reseller LOI with Pacific Banking Corp.
Grapefruit Boulevard Investments (“GBI”), a licensed and fully compliant California based cannabis distribution and manufacturing company and a wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG) (collectively “Grapefruit”), today announced its entry into a non-binding reseller letter of intent (“LOI”) with Seattle, Washington based Pacific Banking Corp. (“PBC”). Under the agreement, Grapefruit will market PBC’s unique, innovative and compliant banking services to properly licensed and compliant cannabis and hemp companies in Southern California which meet certain PBC qualitative criteria and metrics. “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,” Grapefruit CEO Bradley J. Yourist said in the news release. “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.”
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