Business
Protext Pharma to Acquire Cannabis Blockchain Company Growprocess, Inc.
Protext Pharma to Acquire Cannabis Blockchain Company Growprocess, Inc..
About this update from Protext Mobility, Inc.
[{"type":"text","content":"\n\n \n Growprocess Expected to Launch ICO-Cannabis-Derivative, Commodity Backed Token Q1 2018  BOCA RATON, FL, Jan. 19, 2018 (GLOBE 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 cons...