LOS ANGELES, CA--(Marketwired - May 21, 2014) - Agritek Holdings, Inc. (www.Agritekholdings.com) (OTCQB: AGTK) a leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced that the Company's newly proposed managed agricultural facility located in Pueblo County will not utilize Federal water resources, and will operate through granted leases from a well known historic water right and private resource that in no way interacts with any federal water source.
Tenants of the new property once operating and upon final agreement for the water rights will not be in violation of newly proposed guidelines regarding the use of federal water for growing operations.
"The recent federal stance on compliant water usage was already anticipated in our plans for the location and implementation of our new Colorado managed facility. It was always a primary part of our initial strategy to meet the anticipated needs of commercial dispensary producers on property through the use of non-federal sources of commercial and municipal water and properties in and around the major river basins of Colorado as well as additional regulated jurisdictions. We believe this strategy, once infrastructure is in place and final negotiation of the water rights completed, will allow us to maintain our facility in compliance with the state and provide management services to our tenants. These initiatives should enhance compliancy and bring further intrinsic value to our clients, vendors and shareholders, to what appears to be an undervalued market capitalization within the sector," stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
The new managed and secure agricultural facility located in Pueblo County will be utilized by fully-licensed and compliant growers and dispensaries within the regulated medicinal and recreational market within state of Colorado. The individual parcels will consist of build to suit greenhouse technology and security infrastructure while providing qualified tenants with an abundant source of non-tributary water.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com) provides innovative patient solutions and is the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings, Inc. provides real estate management and health and wellness product lines including beverages, vaporizers and accessories. Agritek does not directly grow, harvest, or distribute or sell cannabis or any substances that violate 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.