Agritek Holdings Inc. Announces Expected Licensee Approval To Begin Planting This Month For Companys Colorado Eighty Acre Hemp Research Farm
LOS ANGELES, CA - (NewMediaWire) - May 10, 2018 - Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector and consultant for multiple cannabis brands, today announced that the Company expects to receive final approval of its Hemp research application with plans to begin planting its first acres this month located on its eighty (80) acre farm located in Pueblo, Colorado by its licensee. Recently, the Company has decided to escalate its presence in Colorado due to recent advancements for national cannabis legislation in which President Trump and Colorado Senator Cory Gardner negotiated a groundbreaking deal on behalf of Legalized Marijuana. The Company is the owner of eighty acres in Pueblo with water and mineral rights and has immediate plans to fund its partner in the planting of its first acres on the planned research Hemp property with proprietary industrial hemp strains earmarked specifically for use in important healthcare applications.
Additionally, as recent as last month, Senate Majority Leader Mitch McConnell introduced a bill that would remove federal barriers to hemp, which is derived from the cannabis plant but, as a nonpsychoactive substance. Hemp, instead, is typically used for its fiber to make all kinds of products — food, paper, cardboard, carpets, clothes, rope and a variety of healthcare products. Hemp has historically been banned under federal drug laws that also prohibit marijuana. As Tom Angel recently reported for Forbes, The Hemp Farming Act of 2018 wouldn’t legalize cannabis for recreational or medical uses at the federal level, where psychoactive weed remains illegal for all purposes. It would only legalize hemp. The bill was also backed by Sens. Rand Paul (R-KY), Jeff Merkley (D-OR), and Ron Wyden (D-OR). And a companion bill has been introduced in the House.
“We at Agritek Holdings are extremely encouraged by both Attorney General Jeff Sessions’ latest remarks, as well as Senator Majority Leader Mitch McConnell’s recent Bill. It is important that this recent trend in legalization is clear to the public and our shareholders that Hemp products are completely legal for consumers to purchase and/or consume in the United States. We plan to aggressively begin to expand our Colorado operations by starting our first grow this month on the 80 acre Hemp property, and at the same time, create plans for 10 acre plots for lease to other applicants and licensees using our proprietary clones and genetics.
The multi-billion dollar hemp market is projected to grow 700% and hit $1.8 billion by 2020 according to Arc View Research. The Company has already been processing orders of its first legal Hemp oil product “Hemp Pops”, a 25mg full spectrum Hemp oil product from its site www.Hemppops.com
A full investor presentation on Agritek Holdings may be viewed in the investor section of our corporate website located at www.Agritekholdings.com
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active investor and operator in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, 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", Hemp oil wellness products 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.
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