South African Medical Marijuana Dispensaries Completes Acquisition Of Protext Mobility

Republic of South Africa Medical Marijuana Dispensaries Acquisitions LLC (“RSAMMDA.LLC”) has closed on the acquisition of Protext Mobility, Inc TXTM in a share exchange whereby 100% of capital stock in RSAMMDA.LLC will be exchanged for preferred stock in Protext.

RSAMMDA.LLC. is a jointly owned company focused on acquisitions with two principals, Dylon Du Plooy and Dr. Ahmed Jamaloodeen (“Dr. J”) who represent the South African business entities of RSAMMD and Leeds Boerdery. RSAMMD is a South African pioneer in the research, cultivation, production and distribution of medical cannabis and cannabinoids. Leeds Boerdery, controlled by Dr. J owns the 5000 Hectare New Castle Farm as well as federally issued cannabis and hemp licenses issued by the Government of South Africa.

RSAMMD management has taken over the daily operations of Protext headed by Du Plooy as CEO and director, and Dr. Jamaloodeen as president and chairman of the board.
“This transaction has been a long time in the making. For the past couple years we have been focused on building our operations in South Africa and globally, where have built an extensive infrastructure and global cannabis/hemp business. During this period of time, we have invested heavily in building a significant cannabis/hemp operation to facilitate complete seed to sale, R&D, global off-take agreements for end product as well as all the extraction infrastructure needed to create what we believe to be some of the highest quality hemp and cannabis on the planet. In South Africa right now, we have just completed our semi-annual grow. RSAMMD in joint venture with Leeds Boerdery, cultivated hemp and cannabis crops this past season on a combined 1000+ hectares. All of this is done under federally issued permits and licenses to grow, import/export hemp and cannabis, as well as research permits for conducting testing of final products for human consumption and medicinal benefits," said Du Plooy.
“Over the coming days and weeks, we will be sharing our immediate term road map and long-term plans we are developing for Protext which should translate into increasing shareholder value. These plans include adding other valuable assets to the company which complement the core business, and executing on commercializing the proprietary live plant extraction technology as well as deploying our crypto platform, with a TXTM token which we are excited to rollout very soon.” concluded Du Plooy.”

Photo by Diyahna Lewis on Unsplash

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsMarketsDr. Ahmed JamaloodeenDylon Du PlooyLeeds BoerderyRepublic of South Africa Medical Marijuana Dispensaries AcquisitionsRSAMMDRSAMMDA.LLC
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.


Loading...