LOS ANGELES, CA--(Marketwired - Apr 5, 2017) - Agritek Holdings, Inc. (OTCQB: AGTK), today announced that the company has successfully filed its 10K Annual Report and has signed and executed an initial Letter of Intent and is completing the final Funding and Operational Agreement with the principals of a new 25,000 sq. ft. facility with initial approval for a cultivation license by the Department of Health In Puerto Rico. Under the terms of the Agreement, Agritek will be the exclusive consultant and operations partner for the cultivation and manufacturing operation, providing funding, infrastructure build out and cultivation experts from California and Colorado for one of the largest operations on the island near San Juan. The Company expects to complete the agreement later this month and has confirmed funds necessary to complete the build out through its present investment banking partners.
B. Michael Friedman, Chief Executive Officer of Agritek Holdings, Inc., stated, "I believe that Puerto Rico will prove itself over the very near term to be a newly emerging and extremely viable marketplace for the medicinal cannabis sector. Similar to Nevada before the recreational vote, Puerto Rico seeks to allow patients from all regulated jurisdictions holding a medical card to purchase medicinal cannabis through retail dispensaries. Our partner cultivation facility in San Juan is located within minutes to where most of the cruise ships dock weekly with thousands of tourists visiting on a daily basis. Our proximity to retail dispensaries in old San Juan, and surrounding areas will make this one of the largest and most profitable enterprises in the area's cannabis sector in my opinion."
The twenty-five thousand (25,000) square foot facility will initially be set up in stages for cannabis cultivation and extraction of oils. A facility of this size, could yield between six and eight million dollars in revenue ($6,000,000-$8,000,000) its first year of operation. Agritek Holdings as a Company will receive revenues from rent, consulting fees, equipment leasing and providing exclusive licensing of vapor devices, cartridges, atomizers and edible brands. The Company presently owns and is developing its eighty (80) acre property in Pueblo, Colorado, along with releasing its California Premiums pre-roll brand this month through its exclusive manufacturing partner and facility in California.
Agritek Holdings recently announced the Company now trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. To qualify for the listing, companies must be current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com/stock/AGTK/quote.
"Our upgraded listing and further acquisition of major real estate assets and contracts will most certainly open the door to additional institutional investors, market makers and a wider range of small investors and new shareholders who were not previously able to buy and sell shares of our Company. Now they may execute on unsolicited orders and also make recommendations to clients as they so choose. Meeting the increased compliance and information requirements of OTCQB sets us apart from more of the other companies within our sector, providing our investors greater confidence in the information disclosed by the Company and ensures our commitment to accountability and transparency and a future leader in this sector," further added Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., (www.AgritekHoldings.com) a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns property in Colorado approved for cultivation as well as manufacturing capabilities through California partnerships and owns several Hemp and cannabis brands for distribution including "Hemp Pops" and "California Premiums". 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.