SOURCE: Agritek Holdings, Inc.

Agritek Holdings, Inc.

December 28, 2016 08:30 ET

Agritek Holdings, Inc. Announces Completion of Stock Purchase And Acquisition Of California Based Sterling Classic Compassion And Appointment Of Entertainment Icon Russ Regan As President

LOS ANGELES, CA--(Marketwired - Dec 28, 2016) - 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 stock purchase for the acquisition Sterling Classic Compassion, LLC. The two (2) year old California based non-profit set up to do business specifically for the cannabis sector in the state, is now 100 per cent owned as a subsidiary of Agritek Holdings, Inc. The company has begun the process to seek licensure in California under new recreational legislation set to begin in 2017.

Agritek Holdings has also named entertainment guru, Russ Regan, a 50 year veteran of the music and film industry, as Sterling's President and Director. With over fifty years in the entertainment industry, Mr. Regan has played a major role in the careers of the biggest names in the music industry. Luminaries such as Elton John, Neil Diamond, Barry White, and Olivia Newton-John all credit Regan as a major force behind their success.

Mr. Regan began his career as an artist, but quickly moved on to become a promotion man for Motown Records. Here he worked with such iconic artists as the Marvelettes, The Supremes, Smokey Robinson & The Miracles and Marvin Gaye. Mr. Regan went on promoting records in the sixties, including a number of hits for Scepter Records. In 1966, while serving as General Manager of Loma Records, he came across a song called "That's Life." Sensing its potential, he gave it to Frank Sinatra to record. That song went on to become an adult contemporary standard and one of the top selling records of Sinatra's career. In 1961, a friend approached him needing a new name for a group called the Pendletons, who had a song called "Surfin." Regan thoughtfully suggested the name The Beach Boys, a name that would become synonymous with American Pop/Rock of that era.

By the late 1960's, Mr. Regan started at UNI Records, a division of MCA Inc., where he was quickly promoted to General Manager. There his successes continued and in 1968 he signed Neil Diamond. Later in 1970, after hearing the demo tapes of an unknown singer-songwriter, he knew he had found something special. He signed the young artist and formulated a campaign to launch this artist in the United States. That singer-songwriter was Elton John. Other platinum artists followed Regan's tenure at UNI Records, including Olivia Newton-John.

In 1974, The Bill Gavin Report and The National Association of Record Merchandisers named Russ Regan "Record Executive of the Year" in recognition of his contributions to the music industry.

In 1980, Mr. Regan became Polygram Records' General Manager of West Coast Operations. Here he encouraged the lucrative marriage of pop music to the movies by advising the company to put its resources behind an involvement in the film world. The result was "Flashdance." With Regan as the film's music consultant, the successful film spawned a soundtrack album, which sold 14 million albums for Polygram. Regan also supervised the soundtracks for the movies Endless Love, Breakin', The Karate Kid, All The Right Moves, Love At First Bite, This Is Spinal Tap and A Chorus Line. Regan was also the Music Supervisor for four Academy Award winning songs from the films: The Poseidon Adventure, The Towering Inferno, Flashdance and Chariots of Fire.

Returning to Motown in 1986 as President of the Creative Division, Mr. Regan more notably worked on Smokey Robinson's successful comeback effort; the platinum selling album "One Heartbeat." Regan remained with Motown until the company was sold in 1988. Regan, along with more than two dozen other radio and music industry leaders, is a member of the nominating committee of the Hit Parade Hall of Fame. He is one of only a few record executives in the world who has had a number one record in each of four decades (1970s-2000s).

"I am extremely pleased that Mr. Regan has made the decision to join our team at Agritek and take charge of Sterling Classic Compassion which will be the driving mechanism and force behind representing all our brands for the recreational market in California. I have known Russ most of my adult life, and with the only music executive alive to have a billion records sold and his reach within the celebrity community we are surely poised to take California market share with our unique product lines for the wellness sector by matching influential celebrities with compassionate care," stated B. Michael Friedman, CEO of Agritek Holdings, Inc.

The recent legalization explosion is best explained by the changing tide in public opinion toward marijuana. National pollster Gallup found that support for marijuana's legalization is at a new all-time high of 60% in 2016 (up from 25% in the mid-1990s). An additional 84% of surveyed Americans would like to see medical cannabis legalized nationally, according to a CBS News poll in 2015. The more favorable the public's opinion toward marijuana, and the more states are able to demonstrate that they can safely and effectively regulate their pot industry, the greater the likelihood that other states will legalize as well.

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.

FORWARD-LOOKING DISCLAIMER:

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.

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