Green Rain Challenges Validity of $20 Million Medican Note

Green Rain Energy Holdings ( (GREH) ) just unveiled an announcement.

On March 4, 2026, Green Rain Energy Holdings, Inc. notified its transfer agent and other parties that a $20 million “Medican Note” tied to Medican Enterprises Inc. is considered by current management to be a purported, non-binding obligation based on the company’s internal records. The company instructed that no conversion requests under this note be processed without explicit written authorization from its CEO and board, citing risks of unauthorized dilution, capital structure disruption, and disputes over financial obligations.

The company disclosed that predecessor management entered a purchase and sale agreement on January 26, 2019, to acquire Medican-related assets in exchange for the convertible promissory note bearing 8% interest, including intellectual property, website assets, minority equity stakes, and real property interests. After new management took control on October 22, 2024, it initiated an audit-driven review of the transaction’s valuation, asset ownership, and accounting treatment, and indicated that the related assets and liabilities are being carried on an interim basis and may be adjusted following the completion of this validation and impairment review.

More about Green Rain Energy Holdings

Green Rain Energy Holdings, Inc. operates in the energy sector and has previously pursued acquisitions involving intellectual property, website-related assets, minority equity interests in private entities, and certain real property interests. Under predecessor management, the company entered into a significant purchase and sale transaction in 2019 tied to Medican Enterprises Inc., which involved a large convertible promissory note as consideration.

Average Trading Volume: 733,889

Technical Sentiment Signal: Sell

Current Market Cap: $218.2K

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