Boca Raton, FL -- January 19, 2018 -- InvestorsHub
NewsWire -- Protext Pharma, Inc. (Pinksheets: TXTM )
("Protext" or "the Company"), a biotech company engaged in
the development of pharmaceutical botanical medicines that
are formulated with highly-bioavailable plant extracts, today
announced that it has signed a binding letter of intent to acquire
up to 100% of the ownership in Growprocess, Inc., a blockchain and
cannabis compliance advisory firm that has set out to develop a
next generation seed-to-sale Blockchain digital ledger platform for
the legal cannabis industry. Growprocess’ platform will
contain complete “seed-to-sale” information of every cannabis
consignment produced. The blockchain-based platform will
allow for a transparent tracking and payment solution which will be
fully auditable and make clients fully compliant with the various
reporting requirements. Additionally, Growprocess is finalizing
negotiations and expects to have approximately 3 acres under
greenhouse, initially, for commercial hemp production from which
CBD will be produced for its commodity backed token expected to
launch in early 2018.
Matjaz “Matt” Hrovat, Chief Executive Officer of Growprocess,
stated, “We are very excited about this transaction with Protext
given the cannabis synergies between our businesses. I have
spent the last several years building a successful CBD business and
see the significant global opportunity presented by both the
blockchain and cannabis industries. We are encouraged by the
progress made in the fourth quarter of last year by the Government
of South Africa where they officially legalized medical cannabis
use. We believe Protext is well positioned to be one of the
first companies, if not the first, to receive a Government-issued
license to grow cannabis and conduct much-needed pharmaceutical
research. With a country of around 55 million citizens, there
will be a significant need for a digital ledger track-and-trace
technology, which we believe is a perfect foundation for this
business. The current global legal cannabis industry does over $7
billion annually, and expected to grow to over $30 billion by 2021,
yet there remains a lack of consistent regulations and standardized
rules of trade across borders, forcing much of the industry to
operate in the shadows and remain outside of the established
economic system. As Protext Pharma gears up to commence
development of its Phyto-Cannabinoid extract, we want to be at the
forefront of ensuring traceability of the product while
guaranteeing payment up and down the delivery chain.”
Addressing the proposed ICO token, Mr. Hrovat further explained,
“Growprocess has ambitious goals set for 2018, which include the
launch of the first ever cannabis-derivative, commodity-backed
token anticipated launching in the first quarter. The recent
dramatic volatility in the leading cryptocurrencies confirms our
belief that tokens backed by a commodity provide certain buffers to
that volatility due to the inherent stability of the underlying
instrument. In order to back (or commoditize) our token with
cannabis and/or CBD production, we are in the process of securing
up to three acres of commercial greenhouse hemp production.
This production is anticipated to yield approximately ten tons of
hemp flowers with a (B2C) value of $8-10 million dollars for the
2018 grow season. Part of our long-term business strategy is to
leverage our CBD business into pharmaceutical research. By
backing our anticipated ICO not only with CBD production but also
the projected medical cannabis production of Protext, we believe we
can bring serious value to the offering with significant upside
potential.”
Under the terms of the agreement, Protext will acquire 60% of
Growprocess for 5,000 shares of Series D Preferred stock with an
additional 30,000 shares of Series D Preferred Stock payable based
on certain milestones being met by Growprocess. The Company
has an option to acquire the remaining 40% during the first six
months after closing for an additional $100,000 payable in cash or
its equivalent in either preferred or restricted common
stock. The Companies anticipate closing to occur around
month’s end. Additional details of the Growprocess token, its
branding and unique characteristics that have the potential to
deliver a financial and funding instrument to a global industry
will be made available shortly.
Investors are encouraged to follow Protext using:
YouTube: http://bit.ly/ProtextYouTube
Twitter: https://twitter.com/protxtm
Instagram: https://www.instagram.com/protextm/
About Growprocess:
Growprocess is developing a next generation of seed-to-sale
Blockchain ledger platform for the legal cannabis industry, as well
as a European-based CBD business. The Company’s platform will
enable growers and dispensaries to streamline their operations and
optimize their profit margins. Simultaneously, the Company seeks to
produce pharmaceutical-grade cannabis products backed by clinical
research.
For further information please
visit http://growprocess.co
and https://twitter.com/growprocessco
About Protext Pharma, Inc.
Protext Pharma operates two wholly owned subsidiaries; Plandai
Biotechnology South Africa (Pty) Ltd. and Cannabis Biosciences,
Inc. The Company is engaged in the research, clinical testing
and commercialization of highly bioavailable botanical
products—all-natural ingredients formulated for pharmaceutical
applications and produced under pharma-grade conditions.
Please visit http://www.protextm.co for further
information.
About Plandai Biotechnology SA
Through its wholly owned subsidiary Plandai Biotechnology SA,
the Company has the exclusive worldwide license to develop
Phytofare® extracts from live plant materials including Phytofare®
catechin complex, a highly bioavailable, and clinically proven
antioxidant complex produced from live green tea leaves.
Phytofare® can deliver a therapeutic level of catechins, which
function as powerful antioxidants, to the system where they remain
active for over 24 hours.
About Cannabis Biosciences
The Company is actively pursuing government licensing that will
allow it to use its proprietary processing and extraction
technology to commence investigations and produce a full-profile
cannabis extract, one that contains both CBD and the precursor acid
form of THC (THC-A and THC-B) found in live cannabis plant. The
Company's investigations will be designed to show that the Cannabis
Biosciences extraction process, which will use live leaf and low
temperatures to extract the phyto-chemicals, should leave the acid
forms of THC intact, resulting in a non-psychoactive extract with
full medicinal potential and having the heightened bioavailability
of other Phytofare® extracts.
Safe Harbor Statement
This release contains forward-looking statements that are based
upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance or guarantee that such expectations and assumptions
will prove to have been correct. Forward-looking statements are
generally identifiable by the use of words like "may," "will,"
"should," "could," "expect," "anticipate," "estimate," "believe,"
"intend," or "project" or the negative of these words or other
variations on these words or comparable terminology. The reader is
cautioned not to put undue reliance on these forward-looking
statements, as these statements are subject to numerous factors and
uncertainties, including but not limited to: adverse economic
conditions, competition, adverse federal, state and local
government regulation, international governmental regulation,
inadequate capital, inability to carry out research, development
and commercialization plans, loss or retirement of key executives
and other specific risks. To the extent that statements in this
press release are not strictly historical, including statements as
to revenue projections, business strategy, outlook, objectives,
future milestones, plans, intentions, goals, future financial
conditions, events conditioned on stockholder or other approval, or
otherwise as to future events, such statements are forward-looking,
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the statements made. The company disclaims any
obligation to update information contained in any forward-looking
statement. This press release shall not be deemed a general
solicitation.
CONTACT INFORMATION Info@protextm.co