The placenta of the anthocerote, Dendroceros tubercularis Hatt., consists of long and branched haustorial cells, that arise from the foot and gametophyte transfer cells. Both cell types contain electron‐dense vacuolar deposits that were digested by pronase and therefore are assumed to be protein. These deposits were negative to the PATAg test for carbohydrates. Protein bodies were also found in the parenchyma cells of the foot and younger meristematic cells at the base of the capsule. Vacuolar deposits of osmiophilic material in the gametophyte cells external to the placenta were stained non‐specifically with PATAg method and were not affected by pronase. The haustorial cells have pleomorphic plastids lacking starch and a thylakoid system, whereas the transfer cells have well developed chloroplasts. No pronase‐sensitive material was detected in the apo plastic space separating gametophyte and sporophyte cells. These results suggest that protein is synthesized in the haustorial cells, perhaps from precursors provided by transfer cells, and is then transferred, via plasmodesmata, to the parenchyma cells of the foot and eventually to the cells of the growing capsule.