SOURCE: Agritek Holdings Inc.

Agritek Holdings Inc.

November 09, 2016 08:30 ET

Agritek Holdings, Inc. Announcing Florida Trumps Vote With Yes On Amendment 2 Becoming First Southern State To Legalize Medical Marijuana

Company plans to seize on immediate opportunity with headquarters in home state of Florida becoming first southern state to vote in favor of medical marijuana by over 71%

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 voters have made Florida the 26th state and the first in the South to allow medical use of marijuana. With more than 70 percent of precincts reporting, Florida's medical marijuana initiative, Amendment 2, was favored by 71 percent of voters, 11 points more than needed to pass a constitutional amendment.

Amendment 2 recognizes marijuana as a treatment for ten (10) specified conditions and diseases:

  • Cancer
  • Epilepsy
  • Glaucoma
  • HIV
  • AIDS
  • Post-traumatic stress disorder
  • Amyotrophic lateral sclerosis
  • Crohn's disease
  • Parkinson's disease
  • Multiple sclerosis

The passing of Amendment 2 also allows Florida state licensed physicians to recommend marijuana for patients with other debilitating medical conditions of the same kind or class as or comparable to those enumerated. The Florida amendment will take effect on January 3rd 2017, after which the Florida Department of Health has six months to issue regulations for patients, caregivers (who help patients obtain and use marijuana), and medical marijuana treatment centers (which produce and dispense the drug).

Home cultivation is not permitted, and the department is charged with setting presumptive possession limits for patients. The state is expected to start issuing identification cards to qualifying patients and caregivers within nine months, and if it fails to do so a doctor's certification will authorize access to medical marijuana.

As in 2014, the top financial supporter of Amendment 2 was Orlando trial lawyer John Morgan, a major Democratic donor, while the top financial supporter the opposition campaign was casino magnate Sheldon Adelson, a major Republican donor and ardent pot prohibitionist who hopes to expand his business into Florida. But while opponents of medical marijuana spent almost as much as supporters in 2014, they were outspent almost 2 to 1 this year.

This year's version has a narrower definition of "debilitating medical condition" and clarifies the requirement for obtaining consent from parents of patients younger than 18. A law that took effect at the beginning of last year allows the use of low-THC, noncombusted marijuana by Florida residents with cancer or "a physical medical condition that chronically products symptoms of seizures or severe and persistent muscle spasms." Amendment 2 applies to a wider range of conditions, give patients access to high-THC marijuana, and lets them smoke it.

Florida is one of multiple states voting on medical cannabis this election season. Amendment 2, the Florida Medical Marijuana Legalization Initiative, would let licensed physicians prescribe medical marijuana.

"We remember 2014 very well and losing our vote then by a narrow margin of 3% being the first public company within the cannabis sector headquartered in south Florida. This is the first of many extraordinary steps in a positive direction for our sector in the state. We are not planning on getting involved as we have done in the past on land purchases, seeking licenses to grow or any large infrastructure plays. Our plan is simple and strategic with the strongest foothold having the most knowledge within the sector in Florida. We plan to essentially be in the pick and shovel business. We already have one of the foremost physicians in the industry on our advisory board Dr. Stephen Holt, to help build a coalition among doctors who will be able to distribute medical marijuana under the new law. We have contracts in place with the largest encapsulation company based in Florida to provide pills or capsules to those patients who qualify and would most likely not smoke. We have just negotiated our license to distribute infused lozenges and gum tablets which may be infused with THC or CBD under a proprietary process which would be the most preferred delivery system for children with epilepsy and the elderly", stated B. Michael Friedman, CEO of Agritek Holdings Inc.

"Agritek Holdings' experience, Florida roots, public status and established relationships with physicians, vendors and knowledge of the science of cannabis will truly make us a meaningful partner as Florida moves towards the legalization process," further stated Friedman.

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.

Contact Information