GRN Holding Corporation Executes Binding LOI With Pacific Merchant Processing

Rhea-AI Summary

GRN Holding Corporation (OTC PINK:GRNF) has announced a binding letter of intent to acquire Pacific Merchant Processing, Inc. This decision follows a successful due diligence process earlier this year and aims to finalize a mutual definitive agreement for the acquisition. Pacific Merchant Processing, located in Bellevue, Washington, specializes in payment processing solutions for the cannabis and hemp markets. The acquisition will include all assets, licenses, intellectual property, and equity of the business.

Positive

• Acquisition expected to enhance GRNF's market position in the cannabis payment processing sector.
• Pacific Merchant Processing has established accounts in seven states, facilitating expansion opportunities.

Negative

• Potential risks associated with the regulatory landscape of cannabis-based products.
• Dependence on the success of future business opportunities, which are inherently uncertain.

SEATTLE, WA / ACCESSWIRE / August 19, 2020 / GRN Holding Corporation (OTC PINK:GRNF), (the "Company"), announced today that the Company has entered into a binding letter of intent to acquire Pacific Merchant Processing, Inc. This announcement follows the completion of due diligence earlier this year and will help to define the terms of a mutual definitive agreement to finalize the acquisition.

Pacific Merchant Processing, Inc. (www.pmpcredit.com), located in Bellevue, Washington, specializes in creating merchant partners in the cannabis, hemp and ancillary markets. PMP has added levels of security and accountability allowing it to work with financial networks to provide card processing services to state licensed producers, processors and retail locations. PMP offers a variety of solutions that fit all scales or verticals of business.

Developing long-term relationships with its merchant, processing, and banking partners enables the company to provide almost real-time information and insulate its merchants from any changes in the landscape of payment processing that could affect their business. PMP has accounts in seven states and is expanding to the Midwest and Northeast United States. The acquisition will include all assets, licenses, source code, intellectual property, processing assets, commission, and 100% of equity in the business.

About GRN Holding Corporation

GRN Holding Corporation (OTC Pink:GRNF) is a Nevada registered publicly-traded company.

For more information, please contact:

Justin Costello
IR@grnholding.com

Forward-looking Statements

This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-k, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.

SOURCE: GRN Holding Corporation

View source version on accesswire.com:
https://www.accesswire.com/602392/GRN-Holding-Corporation-Executes-Binding-LOI-With-Pacific-Merchant-Processing

FAQ

What is the recent announcement by GRN Holding Corporation regarding Pacific Merchant Processing?

GRN Holding Corporation announced a binding letter of intent to acquire Pacific Merchant Processing, Inc., following a successful due diligence process.

How will the acquisition of Pacific Merchant Processing impact GRNF?

The acquisition is expected to enhance GRNF's market position in the cannabis payment processing sector and provide access to new markets.

What is Pacific Merchant Processing known for?

Pacific Merchant Processing specializes in payment processing solutions for the cannabis and hemp markets, providing services to state-licensed businesses.

In which states does Pacific Merchant Processing currently operate?

Pacific Merchant Processing has accounts in seven states and is expanding into the Midwest and Northeast United States.

What assets will GRN Holding Corporation acquire from Pacific Merchant Processing?

GRN Holding Corporation will acquire all assets, licenses, source code, intellectual property, processing assets, commissions, and 100% equity in Pacific Merchant Processing.