GRN Holding Corporation, Inc. (OTC Pink: GRNF) has completed the purchase of Mendocino Green Inc, which includes a cultivation license, nursery license, and distribution license from one of the oldest cannabis license holders in California. With this acquisition complete, the company said it filed a supplemental report with OTC Markets to remove the shell status symbol from the OTC Markets webpage. Removing this designation will take the company one step closer to its previously announced plans for Corporate Restructuring according to a public statement.
Donald Steinberg, the Company’s CEO, commented “This acquisition of Mendocino Green Inc, which includes cultivation, nursery, and distribution license for California, allows us to expand our footprint in the Cannabis market. This purchase directly impacts the success of the VivaBuds launch in Los Angeles.”
In January, GRN Holding Corp and Marijuana Inc said they planned to 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.GRN Holding Corporation Signs Letter of Intent for Corporate Restructuring and GRN Holding Corporation Announces Name Change to Marijuana Inc. give more details on that transaction.
With the nursery, GRN Holding can support the development of the 17 Landrace strains their consultants at One World Legends are growing in Colombia. This will allow them to supply cannabis cultivators with Landrace tissue cultures that are sometimes very hard to obtain.
Frank Van Vranken of Mendocino Greens Inc. said, “The opportunity to be part of GRN Holding Corporation opens pathways for growth we did not have before. The distribution channels available through GRNF, tied in with our ability to source good quality, low-priced Cannabis from the scores of Cannabis farmers we currently work with, will have a great impact on the distribution part of this agreement.”