LOS ANGELES, CA--(Marketwired - Jan 24, 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 a new purchase agreement for an eighty (80) acre approved cannabis farm for the medicinal and recreational sector located in Pueblo, Colorado. Under the new real estate purchase contract, the eighty (80) acre parcel of land previously deeded to Agritek Holdings by a third party, shall now be directly owned by the Company as an asset including water and all mineral rights.
The 80 acre parcel located in Pueblo, Colorado is presently zoned and approved as a cannabis farm which will be sectioned by acres and leased to licensed cultivators including a section for potential use as a Hemp farm with plans for production in the second quarter of 2017.
"In my seven years of involvement with Agritek Holdings, I have never been more optimistic regarding our standing as a public company within the cannabis sector and progress as I am today. The asset of 80 acres with water rights approved for a recreational grow in the state of Colorado and licensees waiting for production is a clear statement of Agritek becoming a serious, and in my opinion undervalued company in this sector. We plan to announce additional operations in the very near term for California in Humbolt County for the roll out of our California Premium Brand and partnerships in Puerto Rico with the first approved cultivation operation on the island. I am confident we now finally have the land assets, IP, management and funding behind us to turn the corner and make 2017 our most successful year in our corporate history," 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.