LOS ANGELES, CA--(Marketwired - Feb 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 completed the purchase and closing of the eighty (80) acre approved cannabis farm for the medicinal and recreational sector located in Pueblo, Colorado. The eighty (80) acre parcel including water and mineral rights now owned directly by Agritek Holdings as a major land asset for cultivation of cannabis is planned to be sectioned by acres and leased to licensed cultivators, manufacturers and one lab partner with expectations for production by the second quarter of 2017.
"With Agritek now having this 80 acre property approved and zoned for recreational cultivation, we can finally deliver on our plans for building an infrastructure which is expected to include licensed cultivators, manufacturers and a lab partner that will create a tightly controlled and monitored facility covering 80 acres. Acting under the model of a real estate REIT, we intend to build out this first property as a fully operational cannabis farming operation collecting rents and infrastructure fees that can supply every dispensary in the state. Each participating retail operator will be assigned a plotted acre or acres depending on individual needs to ensure the consistency and dependability of their product without having to deal with multiple resources. Providing lab test results, consistent supply and manufacturing capabilities, Agritek Holdings will seek to provide the state with a superior model showcasing an all in one service facility," stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
The Company is presently Beta Testing a web based and mobile application that will allow the operations participants to list their harvests within a geographically fenced application allowing for licensed dispensaries to reserve and escrow upcoming harvests. Agritek expects to launch the mobile application over the next 60 days. 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.