SOURCE: Agritek Holdings, Inc.
LOS ANGELES, CA--(Marketwired - August 22, 2014) - Agritek Holdings, Inc. (OTCQB: AGTK) (http://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 moved forward with the first of several multi-year lease agreements for its Colorado Cannabis Agricultural facility located in Pueblo county. The Company has received forty thousand ($40,000) dollars as initial deposits for land parcels within the first forty acres of the recreational cannabis farm. The 40 acres have now been mostly reserved by multiple licensed recreational growers and manufacturers under five year leases. Several more deposits expected to reach over six figures by the end of this quarter will bring the first release of land parcels near capacity. The largest co-op agricultural facility in Colorado operated by Agritek Holdings shall include the build out of greenhouse facilities ranging from 10,000 square feet to over 100,000 square feet, common areas and security services.
The Company presently owns or leases over 120 acres with options for an additional 400 acres zoned for its planned agricultural and cannabis cultivation facility located in Pueblo County, Colorado. Company plans include that each tenant shall pay monthly rent ranging from $15,000 a month for smaller parcels and a greenhouse, to in excess of $50,000 a month for large scale operations for a turnkey solution and use of agricultural land, utilities and security services. For the 40 acre parcel, the company expects up to eight tenants, with several now under Letters of Intent for multi-year lease terms with additional deposits and Letters of Intent expected before the month's end, equating to approximately $200,000 a month in rental income once the facility is fully functional. The Company previously announced the execution of a non-federal water rights contract for 10 years, renewable for an additional ten years with one of the state's largest privately owned water company. This ensures non-interruption of operations on behalf of new tenants qualified as fully registered and licensed grow and manufacturing operations.
"The mere fact that we are nearly at capacity on the first 40 acres of our Pueblo facility and collecting what we believe will be six figures in deposits and commitments for multi-year leases, is indeed proof of concept and should leave no doubt in people's minds that we are in the right place at the right time with a solid plan of action for meaningful revenue. A key component to our roll out plan of this facility was to find the right location, partners and most importantly, long term non-federal water contracts on behalf of our Company, facility and tenants. Our scalable model will allow us to quickly develop similar facilities which include our recent land purchase and plans in Nevada as well as other key jurisdictions including Washington State and Florida now under discussion," stated B. Michael Friedman.
The Company is also pleased to announce the launch of its new corporate and investor relations web site located at http://agritekholdings.com. The new site now includes a complete informative guide of the company's land holdings, business strategy, corporate filings, news alert sign up and explains in great detail the role out of its latest wellness products under the trademarked Mont Blunt brand (www.montblunt.com). New features to be added to the site over the next several weeks will include web cams placed at the Company's Colorado and Nevada facilities, allowing viewers to observe progress of greenhouse structures and infrastructure build out through completion of the projects.
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 beverages, 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.
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.