PLEASANT HILL, Calif.--(BUSINESS WIRE)--Textmunication Holdings, Inc. (OTCQB: TXHD) (“the Company”), a cannabis holding company, announced its entry into the cannabis sector by acquiring Resonate Blends LLC (“Resonate”), a California-based cannabis wellness lifestyle product company built on a proprietary system of experiential targets. Resonate is building a brand-focused, seed-to-sale, vertically integrated cannabis organization offering trusted brands of consistent quality. The Company also acquired Entourage Labs LLC (“Entourage Labs”) from Resonate. Entourage Labs is the Intellectual Property (IP) subsidiary of Resonate.
Resonate and Entourage will be wholly owned subsidiaries of Textmunication Holdings, Inc. The Company will immediately file for a company name and ticker symbol change to reflect the holding company’s new focus. The Resonate leadership team will be announced in the coming days.
The Company believes the greatest long-term value creation in the Cannabis industry will be in the establishment of high quality, consistent consumer brands. As cultivation, supplies and services become quickly commoditized, value added brands represent the best opportunity for Textmunication and its shareholders to support and benefit from the massive growth expected in the Cannabis industry. In support of this philosophy, Resonate represents the best-in-class vision on how to create a family of brands designed specifically to support the industry as it continues to evolve from an underground business to a national consumer facing products business.
At the heart of the Resonate philosophy is the “Resonate System.” The System is designed to demystify cannabis and help consumers select effective products by connecting their lifestyle and health needs with the experience and delivery method that best fits their criteria.
Resonate will launch its first product in a series of infused products in early 2020. The initial launch will be in California with a statewide distribution system already assembled. Resonate will be executing a multi-state strategy with the goal of becoming a leading national brand once the California market is optimized. The Company plans to strategically acquire assets and existing businesses in the cannabis space allowing for a vertically integrated organization centered around the “wellness lifestyle,” and offer to consumers a family of trusted products that address the fast-growing cannabis market focused on the $4.2 trillion-dollar wellness market.
“We are extremely excited to join Textmunication as we plan the launch of our family of wellness lifestyle products," said Geoffrey Selzer, CEO of Resonate Blends. "We are committed to the art and science of Cannabis. We see an industry that is growing quickly with the need for professional brand development that begins at product concept all the way through development, production, marketing and sale. Cannabis is an extraordinary foundation for a series of products that range from medicinal to recreational with a breadth of benefits that no other product category can match. Combining the latest research, product development and cohesive communication strategies, we are creating a premium cannabis holding company with unique and innovative products, services and technology. Textmunication has delivered a solid public vehicle to accelerate our vertical integration plans designed to support margins, quality control and innovation. With the combined capabilities of the Resonate and Textmunication, we are focused on creating value through organic growth, partnerships and acquisitions.”
A seasoned entrepreneur, Mr. Selzer has run development, media and technology organizations throughout his career. He was Creative Head of Disney Interactive, worked for several years in Wall Street M&A and has been a senior executive in cannabis, education and gaming technology companies.
Wais Asefi, Chief Executive Officer of Textmunication, stated, “We believe that the greatest value creation in this new and burgeoning cannabis market will be the development of trusted brands with control of their supply chain ensuring consistent quality and healthy margins. The evolution of this expanding market, a market that is opening up to millions of new customers nationwide, will require our management team to focus on education, science and product development. To that end, we are excited to be joining forces with Resonate Blends and its talented team, while exploring additional cutting-edge cannabis companies to execute a singular Wellness Lifestyle strategy.”
In addition to closing on Resonate, Textmunication is accelerating its fundraising efforts through a Private Placement Memorandum (PPM) to eliminate debt incurred during the transition, fund potential new acquisitions and provide working capital to expand on its strategic initiatives. The Company has targeted several cannabis acquisitions to assist in vertical integration, supply chain efficiencies and delivery of cutting-edge products developed around the “Resonate System.”
About Textmunication Holdings, Inc.
Based in Silicon Valley, Textmunication Holdings Inc. is a cannabis holding company centered on a seed-to-sale, vertically integrated and valued-added wellness lifestyle brand. The holding company is assembling the highest quality cultivation, innovation, technology, product development, retail and supply chain resources to manage and optimize financial performance and assure quality control. Resonate Blends, a wholly owned subsidiary, is offering a luxury cannabis-based wellness lifestyle product family based on consistent quality, unique formulations and maximizing the user experience. Committed to ongoing innovation, Textmunication is building a portfolio of cannabis businesses and assets around cultivators, manufacturers, distributors, brands, bioscience and technology companies.
For more information: www.resonateblends.com
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Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Textmunication Holdings’ current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Textmunication Holdings’ filings with the Securities and Exchange Commission. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and any document referred to in this press release.