Grapefruit Announces Appointment of Justin Costello as its Initial Corporate Advisor
September 11, 2019 06:00 ET | Source: Imaging3, Inc.
Los Angeles/Desert Hot Springs, CA, Sept. 11, 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 16, 2019 Justin Costello, CEO of GRN Funds in Seattle, WA, accepted appointment as Grapefruit’s initial non-director corporate advisor and the foundation member of its strategic advisory board. Pursuant to the terms of the Corporate Advisory Services Agreement between Grapefruit and Mr. Costello, his initial term will be for one year and shall automatically renew for successive six month periods subject to the mutual agreement of the parties. Mr. Costello has agreed to advise Grapefruit on a broad range of matters, from capital formation to mergers and acquisitions. Mr. Costello, 39, is considered to be one of the pioneers of the legal cannabis and CBD industry in the United States. He is CEO and Chairman of GRN Funds, an investment firm based in Seattle, Washington, which he established 2014. GRN Funds provides secure banking resources to small to medium businesses throughout the country. Mr. Costello is also the Chairman and CEO of Discovery Gold Corp. (OTCPINK: DCGD). In consideration of accepting his appointment, Mr. Costello will be paid a quarterly honorarium and has been issued four million five hundred thousand restricted shares of the Company’s common stock.
Mr. Costello stated, “I am very flattered and pleased that Brad and Dan Yourist, two very experienced attorneys and cannabis law experts have chosen me to be their initial outside corporate advisor and foundation member of Grapefruit’s strategic advisory board. Brad and Dan’s obvious commitment to compliance with all applicable cannabis laws and regulations matches the commitment of the entities I am associated with and provides the foundation for our decision to work together for the benefit of each other’s enterprises and the legal cannabis, CBD and related enterprises in general. I look forward to a long, mutually beneficial and educational relationship.”
Daniel J. Yourist, Grapefruit COO stated, “Grapefruit is a proud and happy client of Justin’s banking platform. He has been instrumental in helping our Company resolve the numerous financial issues associated with operating a successful enterprise within the legal cannabis and CBD world. We look forward to a long and successful relationship with Justin and his Company.”
Bradley J. Yourist, Grapefruit CEO stated, “Dan and I are very grateful to Justin for agreeing to accept our offer and become an official member of the Grapefruit family. We feel his multifaceted legal cannabis, CBD and financing knowledge and experience will be a major asset to our enterprise. We believe Justin’s presence as a foundational senior advisor to Grapefruit will lend significant incremental credibility to Grapefruit which will facilitate and enhance our ability to attract top notch talent, investors and followers. We truly could not be happier about Justin’s involvement. Justin’s appointment represents the achievement of yet another Grapefruit goal on its inexorable march to become a legal cannabis and CBD industry leader.”