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Cannabis firm Grapefruit Boulevard closes Imaging3 acquisition

Grapefruit Boulevard Investments Inc. completed its reverse acquisition of Imaging3 Inc. and secured a $10 million debt and equity investment from Auctus Fund LLC.

Imaging3 holds patented medical imaging technology, named Dominion SmartScan, that produces 3D X-ray images.

As part of the agreement, former Grapefruit shareholders will own about 81% of the combined company, while Imaging3 shareholders will retain a 19% stake.

The privately held cannabis company also secured a $10 million debt and equity investment from Boston, Mass.-based Auctus Fund LLC.

Burbank, Calif.-based Imaging3 will sell $4 million of convertible notes and issue $6.2 million of callable warrants to Auctus. The two-year notes will bear interest at 10% and can be redeemed any time until maturity at 150% of face value.

Grapefruit Boulevard plans to expand its extraction laboratory operations and distribution services. The company's expansion plans include acquisition of additional cannabis licenses for permitted cannabis manufacturing and cultivation.