Agritek Holdings, Inc. Announces Execution Of 5 Year Operational Agreement And Equity Interest In 25,000 Sq. Ft. Cultivation Facility In Puerto Rico And Funding Terms From Investment Firm For Up To $3,000,000 For Operations and Future Acquisitions
LOS ANGELES, CA--(Apr 26, 2017) - Agritek Holdings, Inc. (
In addition to the operational contract which is expected to produce several hundred thousand dollars in revenue for the Company once the cultivation facility is fully functional over the term, the company has received at least one funding proposal from institutional investors for consolidation of over $300,000 of existing derivative debt, $250,000 in cash and up to a three (3) million dollar line of credit for the Puerto Rico operation, the new Canada based "cannabis friendly" Bed and Breakfast and 15 acre facility recently announced as well as future acquisitions.
B. Michael Friedman, Chief Executive Officer of Agritek Holdings, Inc., stated, "This long term operational contract and licensing agreement signed for the 25,000 cultivation facility in Puerto Rico brings Agritek to a new level and validates AGTK as an experienced leader within a new and what I believe to be a truly emerging cannabis market with enormous tourism and reciprocity of medical card holders of all states with cannabis legislation. Agritek will have the opportunity to create numerous jobs, make major investments in the economy of Puerto Rico and set the standard for mandates through new technologies now being developed and licensed by Agritek including seed to sale tracking systems, vaping products and edible brands."
Agritek Holdings was recently approved for uplisting and now trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. To qualify for the listing, companies must be current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com/stock/AGTK/quote. The Company is additionally investigating and seeking a dual listing on the TSX Venture Exchange with the acquisition and upcoming closing of its new Canada property and facility.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., (www.AgritekHoldings.com) a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns or manages property in Colorado, Puerto Rico and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including "Hemp Pops" and "California Premiums". 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.