Agritek Holdings, Inc. Announces Execution Of Sale and Purchase Transaction Of Cannabis Friendly Resort In Quebec, Canada As New Recreational Regulations For Country Are Approved
LOS ANGELES, CA--(May 25, 2017) - Agritek Holdings, Inc. (
B. Michael Friedman, CEO for Agritek, stated, "The medical marijuana market in Canada right now is about $200 million a year. It's projected to grow up to $1.2 billion in four years. And by that time, the recreation model is supposed to be $5 billion to $7 billion."
The new Canadian legislation, titled, "An Act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts," would set a minimum age of 18 to purchase and use marijuana. That's lower than the drinking age of 19 in most provinces. It's also a departure from the norm in the United States, where states that have legalized recreational marijuana use have set the minimum age at 21.
Individuals would be allowed to possess up to 30 grams of marijuana for personal use, similar to the one-ounce standard in U.S. states where marijuana use is legal. Households would also be allowed to grow up to four marijuana plants.
While the bill would remove penalties for individual use and possession, it wouldn't set up a nationwide system for selling marijuana commercially -- those details would be left to individual provinces. In provinces that decline to set up a commercial framework, customers could order marijuana online from a federally licensed producer.
The bill would make Canada the second country in the world, after Uruguay, to fully legalize recreational marijuana use. Legal marijuana in Canada, one of the United States' strongest allies, could be a game changer for domestic marijuana policy discussions in the states, with eight states and the District of Columbia now having legalized recreational marijuana.
"Agritek now having a unique cannabis model and asset in Canada will soon prove to be a viable revenue model and bring international attention to the Company's business model of owning equity interest in real estate based cannabis assets in the US and Canada. The resort is only an hour and a half by plane from New York City and an hour outside of Quebec City. With nine existing guest rooms, horse stables and golf in a cannabis friendly atmosphere, we feel this new, one of a kind property acquisition will be a tremendous addition to our real estate portfolio already including Colorado and Puerto Rico. Agritek will be the first to own a cannabis resort of its kind in Canada. Closing of the property will take place next quarter with rooms becoming available before year-end. Guest rooms will start at $299 per night with wellness products included amongst all of the other amenities," stated Friedman.
Agritek Holdings recently announced the Company 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 presently seeking an additional listing on a Canadian based exchange.
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 property in Colorado approved for cultivation as well as manufacturing capabilities through California partnerships and 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.