GRN Holdings Corporation Signs Letter of Intent for Corporate Restructuring
ESTERO, Fla., Jan. 17, 2023 (GLOBE NEWSWIRE) -- GRN Holding Corporation, Inc. (OTC Pink: GRNF) is pleased to announce it has entered into a non-binding letter of intent for a corporate restructuring with Marijuana Inc. of Florida.
By collaborating with both companies resources and leadership and leveraging an extensive network of relationships, the company expects to bolster growth opportunity through access to public markets, making this an attractive potential merger for GRNF stockholders. Under the terms of the LOI, GRN Holding Corp and Marijuana Inc would merge to become a consolidated entity, with Marijuana Inc's existing equity holders exchanging their shares in Marijuana Inc, for equity in the consolidated public company. The Company expects to announce additional details regarding the proposed business consolidation when a definitive agreement is executed, which is expected in early 2023.
No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and equity holder approval of both companies, regulatory approvals, and other customary conditions.
Marijuana Inc. (www.marijuanainc.com), is led by Cannabis pioneers who have been involved in over 15 successful publicly traded Marijuana companies in the sector since 2009, when they founded MJNA – Medical Marijuana Inc – the first marijuana company to be traded on the public exchange. Marijuana Inc. provides high quality cannabis to its customers at prices well below established market rates with a business model working to control the quality of seeds, of growing practices, distribution and delivery to consumers. The company believes that heirloom quality marijuana from the source can be made legally available through global distribution channels ensuring that quality, variety and fair pricing are provided to the consumer. Branded, Curated Heirloom Collections will separate Marijuana Inc. from all other strains currently on the market today.
“I’m so excited to have the opportunity to consolidate these businesses. When forming Marijuana Inc. almost 2 years ago, I saw 2 things; the first was that global distribution was a viable path on the horizon and the second was the collapse of pricing for Cannabis in the US and the opportunity to create a farmer to consumer supply line model and affiliate program for sales to take advantage of this,” said Donald Steinberg, the Company’s CEO. “Global distribution is a year by year process. As countries open their markets up we are getting into position to provide verifiable landrace strains of cannabis from Colombia, Jamaica, Thailand, and other locations as legal to do so. The global distribution channels have been forged by One World Legends with Rocky Petrullo who has contractual arrangements with farmers in Colombia and Jamaica for their export products. One World Legends has also brought “Landrace Strains” to the company enabling the growth and distribution of “Acapulco Gold”, “Panama Red”, and many others.”
About GRN Holdings Corporation (GRNF) GRN Holding Corporation is a publicly quoted company that is exploring opportunities in the global distribution and sale of Marijuana in states and countries where legal to do so. The Company has set into motion collaborations with Marijuana farmers to distribute high grade, low-cost Marijuana to legal consumers, wholesalers and retailers. With their "Tell A Friend" model, GRN Holding is setting up for Farmer to Consumer distribution. GRN Holding is led by a team of seasoned professionals highly experienced in the publicly traded marijuana space.
Safe Harbor Statement This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
This Pressrelease is from our JV Partner: Marijuana Inc