LOS ANGELES, CA--(Marketwired - Mar 9, 2017) - Agritek Holdings, Inc. (OTC PINK: AGTK), a leader in compassionate care technology and agricultural solutions for the recreational cannabis industry, today announced that the Company has executed a Letter Of Intent and is completing a land purchase contract with expectations to close by the month's end on an additional thirty-five (35) acre property located in Pueblo County. The new cultivation parcel already is approved and licensed for cannabis cultivation. The property will be owned wholly by Agritek Holdings Inc. and will be managed on behalf of Agritek by licensed cultivator partners. A recreational manufacturing facility and license is already in process for registration to provide extraction services for the many cultivation farms in the area.
The Company recently announced and completed purchase of the eighty (80) acre parcel and proposed cannabis farm located at 3578 62nd Lane in Fowler, Colorado. The new adjacent property purchase with licenses already approved for the medicinal and recreational sector located in Pueblo, Colorado will also be under the same operational agreement and allow for additional licenses as a grandfathered licensed property where there is now a moratorium in the county until 2018.
With these recently announced cultivation property acquisitions, the company has completed the first part of the application process to list on a higher exchange, the OTCQB. Agritek Holdings has been informed that the Company has also been added as one of the first recognized public cannabis companies to the new regulated cannabis exchange traded fund (ETF) now seeking registration.
"With over one hundred (100) acres in Colorado under ownership by Agritek Holdings approved for cultivation and manufacturing, a listing within a newly registered ETF, and our completion of our manufacturing agreement with one of the first regulated, permitted and licensed facilities in Southern California to produce our brands of California Premiums and new liquid vape line soon to be announced, I continue to believe there will be real consolidation within this sector as it becomes more regulated throughout the states. Our recent land asset acquisitions, partnerships and listing on a higher reporting exchange the OTCQB will truly set Agritek Holdings apart from the pack as we move towards production and revenue streams in the first quarter. Further, it has been recently learned that pink sheet companies, even though fully reporting will in the near future be harder to receive clearing arrangements with brokerage firms and our planned move to the OTCQB will ensure our investors, shareholders and new banking partners security, increased reporting requirements and complete transparency through a higher exchange listing," stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
Investment firm Cowen & Co. believes that legal marijuana sales could soar from $6 billion today to $50 billion by 2026. That's a compound annual growth rate of nearly 24% over the next decade.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., (www.AgritekHoldings.com) a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions and seeks to be the leader in Compassionate Care Technology for the recreational cannabis industry. Agritek Holdings, Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act, nor does it intend to do so in the future.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein.