GRN Holding Corp (OTCMKTS: GRNF) took off in June of last year just as a new owner was taking over the shell and ran to highs of $2.22 in September. Currently on the move again investors are looking for a return to previous highs.
GRNF changed its name from Discovery Gold Corp to GRN Holding Corp and has very quickly acquired a number of subsidiaries that have business anywhere from Financial Services to Recreational Marijuana, CBD and HEMP.
GRN Holding Corp (OTCMKTS: GRNF) bills itself as a Nevada registered publicly-traded company. The Company owns a number of subsidiaries in the cannabis, CBD, Hemp and Financial Services sectors. GRNF subsidiaries include: Pacific Banking corp, Pacific Merchent Processing, Microcap-advisors, SMLY, inc., DBA 7 Point Financial and 9 Square Consulting, Soulshine Development Group, inc., Soulshine CBD, inc., Mystic Ranch Development Co, LLC, Magic Beans Hemp, LLC, One Source CBD, and Sunshine Hemp.
CEO Justin Costello who is no stranger to the financial markets took over the shell in July 2019 and changed its name to GRN Holding Corp in November from Discovery Gold Corp. According to the July 22 8k “On June 20, 2019, GRN Funds, LLC, a Washington limited liability company, and its manager and Chief Executive Officer, Justin Costello, purchased a total of 139 million shares of the Registrant’s common stock representing 55.65% of this issued and outstanding shares, in a private transaction with Stephen Flechner and David Cutler. As a result of the closing of the transaction on June 25, 2019, GRN Funds, LLC and Mr. Costello acquired a majority of the issued shares eligible to vote. The total purchase price of $300,000 was paid in cash by GRN Funds, LLC. As a condition to the closing of the transaction, the Registrant’s Directors Mr. Stephen Flechner and Mr. Ralph Shearing resigned, and Mr. Flechner resigned as Chief Executive Officer and President, and Mr. Justin Costello was concurrently named Director of the Registrant, President and Chief Executive Officer.”
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The Company says it plans to up list to the OTCQB Venture Market to upgrade its position in the public markets and increase its visibility to a wider range of investors. CEO Justin Costello remarked: “Uplisting to OTCQB is an important milestone in the Company’s plan to grow and upgrade its position in the public markets. This move from the Pink Sheets will serve to enhance benefits to existing and prospective shareholders including higher reporting standards, greater access to analyst coverage and news services, and more comprehensive compliance requirements, while increasing our exposure to a broader investing audience.”
— GRNHoldingIR (@GRNHoldingCorp) February 21, 2020
Since December GRNF has been highly liquid and volatile trading between $0.40 and $0.90 and consistently landing on the OTCBB top most traded tickers. The Company has been putting out a flurry of press regarding acquisitions, the latest one is the acquisition of Magic Beans Hemp, LLC. Under terms of the deal announced on February 21, GRN Holding Corporation is acquiring all Magic Beans Hemp, LLC assets including inventory, licenses, intellectual property, and 100% equity in the business. Following the acquisition, the company will be reclassified as a subsidiary corporation under GRN Holding Corporation. Magic Beans Hemp, LLC, located in Tonasket, Washington, is a licensed hemp producer/processor. Magic Beans cultivates craft hemp using its advanced cultivation techniques. Additionally, it sources its specialty genetics yielding high CBD and low THC flower products. Magic Beans targets the smokable hemp flower market.
GRN Holding Corporation CEO Justin Costello commented: “We’re looking forward to bringing this specialty craft hemp producer/processor under the GRN Holding Corporation umbrella, which we believe will be instrumental in the Company’s growth and expansion into the hemp market.”
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Currently trading at a $167 million market valuation GRNF has no assets, no revenues and is debt free making this a perfect vehicle for a new CBD business. Since December the Company has been putting out solid press announcing a number of important acquisitions and the stock has continued to be a volume leader regularly topping $250k per day in dollar volume. While the momentum lasts this could be good but experienced investors may point to GRNF lack of fundamentals to support current market valuation or price levels. We will be updating on GRNF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GRNF.
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Disclosure: we hold no position in GRNF either long or short and we have not been compensated for this article.