SOURCE: Agritek Holdings, Inc.

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November 05, 2014 09:02 ET

Agritek Holdings Inc. Announces Grant of Provisional License for Cultivation Facility in Nevada "Green Zone" for Tenant My Life Organics

Company Plans to Close Real Estate Purchase of 3.2 Acres in Apex Industrial Park This Month and Begin Construction and Management Contract of 40,000 Sq. Ft. for Approved Cultivation Facility in North Las Vegas on Behalf of New Licensee

LOS ANGELES, CA--(Marketwired - November 05, 2014) - Agritek Holdings, Inc. (OTCQB: AGTK) (or the "Company") (www.Agritekholdings.com), a fully reporting company on the OTCQB and leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced that the company has received verification from the state for one of the first provisional licenses for Cultivation in Nevada on behalf of its tenant and principal client My Life Organics. The Company's property in partnership with My Life Organics has been approved under one of the first provisional licenses to cultivate medicinal marijuana on their plans to build and manage a 40,000 sq. foot facility in Clark County within the North Las Vegas "Green Zone" in the Apex Industrial Park. Advisory Board Member Mr. Neal Bartoletta, who initiated the licensing and legal process on behalf of My Life Organics, received final approval and notification by the state late yesterday afternoon. 

The exclusive partnership between the Company and My Life Organics provides for the Company to purchase approximately 3.2 acres within the Apex Industrial Park Complex or Nevada "Green Zone". The Company is presently under contract to purchase the property and plans to build a 40,000 sq. ft. facility dedicated to cultivation to be leased to My Life Organics as the sole tenant. The Company will receive revenue only from construction and management costs as well as monthly rent, monthly security fees and provision of utilities.

Agritek's proposed 40,000 square feet within the Apex Industrial Park Complex labeled as Nevada's "Green Zone" is ideal for cultivation with favorable tax rates as compared to other areas within the state. "Our company through this partnership will deliver on its promise to provide the North Las Vegas community with construction, agricultural and technology jobs through building one of the state's most sophisticated and secure cultivation facilities while producing the most consistent supply of medicinal products on behalf of approved patients in the area," stated B. Michael Friedman, CEO of Agritek Holdings.

Mr. Bartoletta as an advisory board member brings to Agritek Holdings a lifetime of experience in a variety of industries. Originally, he owned and operated Bart Warehouse Corp., a highly respected labor leasing company serving the USA with over 3,000 employees. In addition, N.J. Bart Corp was a transportation and logistics leader who handled trucking and warehousing operations for industry giants like Warner-Lambert, Montgomery Ward and Parke Davis. Lambert and Davis required special licensing for the skills needed related to their controlled substances.

From the year 2000 to the present, Mr. Bartoletta has been instrumental in the development of three highly specialized industries. Carelle Healthcare, headquartered in Florence KY, is a manufacturer of skin care, cosmetics and other health related products. Their state-of-the-art laboratory analyzes all components used to meet strict government guidelines. Bioagra, a bio-tech company in Hinesville, GA produces organic feed for farm animals. As CEO and major stockholder, Mr. Bartoletta oversaw the production of this unique food source, which eliminates antibiotic and growth hormones. Demand far exceeded supply for this pioneering advance in the livestock industry with customers like Fieldale Farms and Claxton Farms. Finally, as President & CEO for Justin Capital, Mr. Bartoletta oversees day-to-day operations for this investment firm who specializes in commodities trading. Their offices can be found in Odessa, Manila, Athens and Port Saint Lucie FL.

"Our advisory board consisting of Mr. Bartoletta along with Dr. Jayme Canton, our longtime partner and board advisor, adds tremendous credibility to our Company as we expect to emerge as the leader within the medicinal sector. We can now move forward quickly in Nevada with this first facility under contract and our closing on the property this month, while at the same time begin construction on our Colorado facility, with the first 40 acres presently under lease agreements and expectations to pour the first green house foundations in the coming month. Our scalable business model and financial backing will soon separate us from our competitors, as we strive to be recognized as an industry leader in both Colorado and Nevada," added Friedman. 

About Agritek Holdings, Inc.

Agritek Holdings, Inc. (www.Agritekholdings.com), the first fully reporting Company and pioneer within the medicinal marijuana space provides innovative patient and agricultural solutions seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including vaporizers and accessories under the Mont Blunt brand (www.montblunt.com). Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate 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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