The Exciting Rise of Imaging3 Inc (OTCMKTS: IGNG)

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Imaging3 Inc (OTCMKTS: IGNG) has seen a spectacular rise in recent days after announcing an LOI to be acquired in a reverse acquisition by a privately held Los Angeles based cannabis company.

The Acquirer maintains facilities in Riverside County California near Palm Springs. On Thursday, March 7, 2019 the Acquirer obtained its final permit and clearance from the local fire department to commence operation of an ethanol-based extraction laboratory at its facilities, and will initiate related extraction and post-processing operations as soon as practicable. The Acquirer’s laboratory will be able to extract CBD hemp under Federal law pursuant to the recently signed 2018 Farm Act that classifies CBD hemp as an insurable commodity

Imaging3 Inc (OTCMKTS: IGNG) has developed a patented medical imaging technology, called the Dominion SmartScan™,that produces 3D X-ray images, effectively in real time. The SmartScan technology has the potential to allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, which may result in higher throughput for the clinicians and fewer safety risks for patients. Imaging3’s technology exposes patients to less harmful radiation than current equivalent imaging technologies such as CT scans. The company believes this will allow scans to be used in many settings where scanning is currently limited by concerns about radiation exposure. The technology also notably allows for reasonably convenient portability, easier installation and use-readiness, and a significantly reduced cost burden suitable for novel settings and for healthcare systems across varied global settings. Imaging3 plans to submit a 510(k) application to FDA during 2018 to gain marketing authorization for initial applications for the SmartScan technology.

The stock took off on March 13 when the Company announced  it has executed a non-binding letter of intent to be acquired in a reverse acquisition by a privately held Los Angeles based cannabis company.

The Acquirer holds licenses issued by the State of California to manufacture and distribute cannabis products in California. The Acquirer commenced operations in mid-2018 and has enjoyed more than $550,000.00 in revenue from operations since they commenced. The Acquirer maintains facilities in Riverside County California near Palm Springs. On Thursday, March 7, 2019 the Acquirer obtained its final permit and clearance from the local fire department to commence operation of an ethanol-based extraction laboratory at its facilities, and will initiate related extraction and post-processing operations as soon as practicable. The Acquirer’s laboratory will be able to extract CBD hemp under Federal law pursuant to the recently signed 2018 Farm Act that classifies CBD hemp as an insurable commodity.

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On March 18 IGNG updated last week’s announcement that it has executed a non-binding letter of intent (“LOI”) to be acquired in a reverse acquisition by a privately held Los Angeles based cannabis company. The firm Grapefruit Boulevard Investments, Inc. based in Westwood, Los Angeles, California. GBI holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business.

GBI has its extraction facility located in the Coachillin Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Rd., approximately 10 miles north of the center of Palm Springs. GBI obtained its California licenses in January of 2018 and commenced distribution of cannabis products in June of 2018. GBI’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product Company. As previously announced, on Thursday, March 7, GBI obtained its final permit and clearance from the Desert Hot Springs fire department to commence operation of an ethanol-based extraction laboratory at its facilities. As an update to the previous announcement, GBI intends to commence extraction operations the week of March 25, 2019.

Furthermore, GBI, under the terms of the LOI, was required to obtain a commitment for a bridge loan of not less than $1,250,000.00 to be funded at the closing of the Acquisition and an equity infusion of up to $10,000,000.00 subsequent to closing of the transaction, each from a qualified investor(s), both of which will be applied to the growth of GBI’s cannabis enterprises. During the week of March 11, 2016, the Company was able to obtain such commitments in the form of terms sheets for both a $1,250,000.00 convertible bridge loan with reasonable redemption provisions and a fixed conversion price and the $10,000,000 equity infusion in the form of an equity line of credit at a 15% discount to market price on terms fundamentally acceptable to the Company from investors know to be qualified by IGNG management and counsel.

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Currently trading at a $3.7 million market valuation IGNG is a clean shell that recently announced it is being acquired by a privately held Los Angeles based cannabis company. The Acquirer maintains facilities in Riverside County California near Palm Springs. On Thursday, March 7, 2019 the Acquirer obtained its final permit and clearance from the local fire department to commence operation of an ethanol-based extraction laboratory at its facilities, and will initiate related extraction and post-processing operations as soon as practicable. The Acquirer’s laboratory will be able to extract CBD hemp under Federal law pursuant to the recently signed 2018 Farm Act that classifies CBD hemp as an insurable commodity. Small cap investors are all over IGNG and should stay tuned here. We will be updating on IGNG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with IGNG.

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Disclosure: we hold no position in IGNG either long or short and we have not been compensated for this article.

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