GRN Holdings Corporation, Inc. (OTC Pink: GRNF) will become known as Marijuana Inc. from now on, pending approval. The company also announced new changes in management and its business model as well as a corporate restructuring.
The company said it amended articles with the Secretary of State of Delaware and a related Financial Industry Regulatory Authority (FINRA) corporate action to change the company name to Marijuana Inc. The company announces the appointment of a new Chief Executive Officer, Donald Steinberg, who is focused on implementing a new business model based on retail and international distribution.
“We see now that countries worldwide are going through different stages of decriminalization including the beginnings of legal import and export,” the newly-minted CEO said. “The name change to Marijuana, Inc. is fundamental to the company’s shift from an acquisition company to a company focused on the legal global distribution of marijuana. I look forward to participating in the enormous change taking place on a global scale regarding marijuana.”
Marijuana Inc. said it will have two new divisions. The first is VivaBuds, which is established as a retail model starting in Los Angeles. The VivaBuds program uses a “Tell A Friend” marketing approach to break through established and traditional supply lines by going direct from farm to consumer.
The second, One World Legends, will focus on Colombia and the preparations for export from there.
“Global distribution of marijuana is in the early stages and we are structuring the company to meet the demand,” said Rocky Petrullo, President of One World Legends (OWL). “After completing several trips to Colombia which consisted of establishing partnerships with licensed farms and industry leaders, I affirmed that the cannabis industry in Colombia is ready to grow high quality, large volume, cannabis flower. I have also traveled to Spain and Amsterdam to get a healthy understanding of the European market where we are aiming for importation from Colombia.”
OWL said it will distribute the Colombian strains, as well as landrace strains such as Durban Poison, and Afghan Kush from Colombia to legal customers. The term “landrace” is used in reference to the limited number of surviving cannabis strains which evolved naturally in the geographic region in which they were discovered by human beings in the 20th century. Landrace strains represent the original cannabis strains and are therefore the origins of all modern cannabis strains across the world, the release said.
“I have worked hard to find the landrace strains from different parts of the world and have secured seeds for grows in Colombia,” Petrullo said. “I am passionate about the quality of Colombian grow coupled with the seeds of old. This is our niche and I believe it will be invaluable to the preservation of cannabis history and enjoyment of the plant.”
The company launched a new website www.marijuanainc.com “as part of the overall refocus of the company,” it said. It also said it will change the name and symbol to help to better align the company with its new business model.
The company has recently filed a 20:1 reverse split with the FINRA. The split has not yet been approved but the company expects it to be effective soon.
“The reserve split may help make our company more attractive to institutional investors, ensure the company maintains the criteria for an up-listing to OTCQB, as well as make the stock more attractive for mergers and acquisitions,” it said in the release.
Former CEO Justin Costello resigned with the appointment of Donald Steinberg as CEO and Director, Steinberg as the company’s sole director.