SOURCE: Agritek Holdings Inc.

Agritek Holdings Inc.

November 09, 2016 09:15 ET

Agritek Holdings, Inc. Announces Passing Of Prop 64 Legalizing Recreational Use Of Marijuana In California

Company expands presence in state with acquisition of 2 year non-profit collective for recreational market and exclusive license for distribution of "California Premiums" Pre-Rolls

LOS ANGELES, CA--(Marketwired - Nov 9, 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 voters of California approved Proposition 64 on Tuesday evening, now making California the most populous state in the nation to legalize the recreational use of marijuana.

The approval of the ballot measure, which led in recent polls, would essentially create the largest market for marijuana products in the United States.

"We are very excited that citizens of California voted to end the failed policy of marijuana prohibition," said Nate Bradley, executive director of the California Cannabis Industry Assn. "Proposition 64 will allow California to take its rightful place as the center of cannabis innovation, research and develop."

The initiative of Prop 64 will allow Californians who are 21 and older to possess, transport and buy up to 28.5 grams of marijuana and to use it for recreational purposes. The measure would also allow retail sales of marijuana and impose a 15% tax.

With financial support from former Facebook President Sean Parker and New York hedge fund billionaire George Soros, the campaign in favor of Prop 64 was able to raise close to $16 million, about 10 times the money brought in by the opposition.

Lt. Gov. Gavin Newsom was the face of the campaign, arguing that the national "war on drugs" has failed while disproportionately hurting minority residents and wasting law enforcement resources.

"Our faith and early bet on the voters and state of California to finally legitimize the cannabis marketplace for medical research, retail and recreational sales is truly a milestone in the change of mindset of the American people. With our recent purchase and acquisition of Sterling Classic Compassion as a qualified non-profit to make application for a recreational license and the roll out of our 'California Premiums' (www.CaliforniaPremiums.com) brand by December, as well as our strategic partnership with WoahStork.com a web based platform for online orders for qualified patients, we are truly becoming a company to recognize within this sector," stated B. Michael Friedman, CEO of Agritek Holdings Inc.

About Agritek Holdings, Inc.

Agritek Holdings, Inc., 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.

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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