LOS ANGELES, CA--(Marketwired - Oct 25, 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 executed a Letter of Intent and Joint Venture Agreement for the exclusive license of California Premiums (www.CaliforniaPremiums.com), a uniquely packaged and popular cannabis pre-rolled concept produced in California.
The unique packaging concept includes four (4) half (1/2g) gram pre-rolled premium strains individually wrapped including a branded lighter which will continue to be sold in medical dispensaries throughout California. Agritek Holdings will have exclusive licensing rights for the brand receiving a flat royalty fee for the license and packaging as well as set up distribution models in dispensaries throughout California and all legal jurisdictions.
"With the pending vote in California for becoming a recreational state through a majority vote on Prop 64 next month, we couldn't have engineered a better acquisition or product at a more perfect time for our sector. 'California Premiums' (www.CaliforniaPremiums.com) are well known as a premium brand of pre rolls in the state, first introduced and owned by Epicenter Meds," stated CEO for Agritek Holdings B. Michael Friedman.
"We are extremely pleased to have been chosen and to be working with the founders and creators of this amazing brand. With our new funding and reach within the state through hundreds of dispensaries, we expect to build this brand aggressively and create our strongest revenue stream through our flat fee royalty model with a strong belief that Prop 64 will pass in the next short weeks giving our partners and distributors access to a recreational market place that we believe could surpass Colorado," stated B. Michael Friedman, CEO of Agritek Holdings.
"We are extremely pleased to be working with Agritek Holdings as one of the pioneers within the public cannabis sector. Our California Premiums brand with the publicity and support of the public marketplace will surely help us achieve our vision and goals we first conceived when creating our brand," stated Clay Butler and Peter Cohen for Epicenter Meds.
California, Prop 64
A recent article from Forbes magazine stated, "California is the biggest potential market in the country and the passage of Prop 64 "will create an explosion in the value of compliant medical marijuana dispensary and cultivation licenses in good standing," said Steve Gormley, CEO of Seventh Point LLC, a private equity fund acquiring those kinds of assets throughout Los Angeles, California. "That's the precedent we've seen in Colorado, Oregon, Washington State, Alaska and D.C.," he said. "I have no reason to believe California will be any different." Read the full Forbes article here:
About Agritek Holdings, Inc.
Agritek Holdings, Inc., 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.