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Problems at GreenBox POS (GBOX)

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Problems at GreenBox POS (GBOX)

Problems at GreenBox POS (GBOX)

Edwin Dorsey
Apr 15, 2021
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Share this post

Problems at GreenBox POS (GBOX)

thebearcave.substack.com

GreenBox POS (NASDAQ: GBOX — $563 million) describes itself as a blockchain-enabled next-generation payment processor. In reality, the company has questionable management, self-dealing, numerous lawsuits, and subcontracts work for the cannabis industry. GreenBox’s audit chairman was the CEO of a company that had its registration revoked by the SEC, and GreenBox’s co-founder and chairman filed for bankruptcy and paid a multi-million-dollar arbitration settlement amidst allegations of fraud. The company uplisted from OTC to the NASDAQ in February and its stock is up ~2,500% over the last year.

In its annual report, GreenBox describes itself as “a technology company that develops, markets and sells innovative blockchain-based payment solutions…” GreenBox’s investor presentation is equally enigmatic:

(Slide 4 of GreenBox’s March 2021 Investor Presentation)

In reality, GreenBox partners with high-risk payment processors, mainly in the cannabis industry. Exhibit 10.5 of the company’s 10-K is …

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