LOS ANGELES, CA--(Marketwired - Dec 13, 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 filing of its quarterly reports and has returned to fully reporting and compliant trading status. Based on the Company's strategic plans for growth in the state of California and new offices in Puerto Rico, the Company will seek to uplist to a higher exchange after the New Year based on the new legalization initiatives passing in multiple jurisdictions.
This 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.
"We sincerely apologize for the delay in posting our financial filings to our shareholders as we have had many transitions to overcome over the last six months. As the first fully reporting Company in this sector, we have always strived to remain fully reporting with complete transparency to our investors. It is important to realize the prior six months of filings do not in our opinion reflect the intrinsic value of our accomplishments over the last sixty days with our recent product and corporate acquisitions. Our plans for new recreational markets, namely California, are just beginning to show fruition. We look forward to increasing sales revenue through our new products and acquisitions within regulated jurisdictions as we prepare to take full advantage of new recreational markets nationwide and position ourselves as a meaningful player in the public cannabis sector," stated B. Michael Friedman, CEO of Agritek Holdings Inc.
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.