CALABASAS, Calif.--(BUSINESS WIRE)--Textmunication Holdings, Inc. (OTCQB:TXHD), a cannabis/hemp based holding company (“the Company”), announced today it has exercised its right to redeem the Series D Convertible Preferred Stock (“Series D”). As previously disclosed on June 11, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the purchasers identified therein (collectively, the “Purchasers”) providing for the issuance and sale to the Purchasers of an aggregate of up to 40,000 shares of our Series D Convertible Preferred Stock (the “Preferred Shares”) and related warrants for gross proceeds to the Company of $200,000. The Company completed payment of $260,000 to the Purchasers, or 130% of the amount paid for the Preferred Shares, as called under the Securities Purchase Agreement.
This is a major milestone for the Company as it continues to build a premium cannabis/hemp based holding company by acquiring and incubating innovative companies focused on unique products, technologies and services in the Wellness Lifestyle sector. The investment from the Series D was critical in the early transformation efforts moving from a mobile technology company into a pure play cannabis holding company.
The timely redemption of the Series D was one of the stated goals outlined in the acquisition of Resonate Blends and Entourage Labs on October 25, 2019. By successfully retiring the Series D, the Company is in a much stronger position to continue its push to acquire, incubate and launch new high quality cannabis/hemp based brands - such as its recent investment and purchase option for Joiant, the top CBD pre-roll brand in California, according to BDS Analytics. The Company believes that value added proprietary brands represent the best opportunity for the Company and its shareholders to benefit from the growth expected in the Cannabis industry.
About Textmunication Holdings, Inc.
Based in Silicon Valley, Textmunication Holdings Inc. is now a cannabis/hemp based holding company centered on a vertically integrated and valued-added Wellness and Lifestyle brand. The holding company’s growth strategy, supported by its new management team, is developing and acquiring the highest quality products, technology, retail and supply chain resources to optimize financial performance and assure the highest standard of quality control. The Resonate team will soon announce its luxury cannabis-based Wellness and Lifestyle family of products that offers consistent quality and unique formulations that support the Company’s commitment to clarify the user experience.
For more information: www.resonateblends.com
Safe Harbor Provision:
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.