Calabasas Marijuana Company Buys Brand

Calabasas-based Textmunication Holdings Inc., a cannabis and hemp holding company, on Tuesday announced an investment in Joiant, a CBD brand formerly known as Prism Blends. Financial terms of the deal were not disclosed. The company is in the process of acquiring and incubating companies such as Joiant to expand its reach in the wellness lifestyle sector of cannabis, Textmunication said. Prior to Joiant, Textmunication acquired Resonate Blends in late October. The company believes the distribution and supply chain infrastructure established by Joiant will help it launch Resonate Blend’s products in the first quarter of next year. Joiant, based in the Bay Area, was founded by former Kiva Confections brand ambassador Lindsey Kirk, Textmunication said in a statement. The company was named the No. 1 CBD pre-roll brand in California, according to BDS Analytics. Shares of Textmunication Holdings Inc. (TXHD) closed Tuesday down 3 cents, or nearly 18.5 percent, to 16 cents on the over-the-counter market.