LOS ANGELES, CA--(February 05, 2016) - Agritek Holdings, Inc. (OTC PINK: AGTK) (http://www.Agritekholdings.com), a leader in Compassionate Care Technology and agricultural solutions for the recreational cannabis industry, today announced that the Company has executed its first manufacturing purchase order for patented flavored capsules for the production and distribution of its new proprietary formulated capsules under the brands Cannabol Rx and Advanced Hemp Caps. The Company has already negotiated distribution for the products to be manufactured and packaged in Colorado and California, two of the largest markets within the recreational sector.
Cannabol Rx will be the first flavored capsule containing CBD with a proprietary formulation sold through licensed distributors in regulated jurisdictions. The Capsules for the first time will be offered in three flavors; coffee for its "awake" formula, berry flavor for its "focus" formulation and mint for its sleep formulation. The initial release will be the mint flavor for sleep and relaxation containing 10 ml of CBD and additional natural, organic sleep aids.
Advanced Hemp Caps will be one of the first flavored capsules contacting pure Hemp Oil, able to be sold nationally offering the many benefits of Hemp Seed Oil extract. Hemp Oil products are already sold legally and contain zero THC, similar to hemp protein, ice cream, beauty products and oil tinctures now offered in big brand chains including Whole Foods, GNC and national health food chains. Formulations are being approved by Agritek's advisory board member, Dr. Stephen Holt, world reknowned physician, scientist and Best-Selling Author including his new book "The Cannabis Revolution."
"Under our manufacturing agreement and proposed distribution partners in multiple jurisdictions and products being sold nationally, we expect to be producing 50,000 capsules per month by April of this year," stated B. Michael Friedman, CEO of Agritek Holdings Inc. "With a downward trend in smoking and vapor markets and more FDA regulations with e-cig devices, we expect to become the leader within the medicinal capsule market offering a healthier delivery alternative of Hemp oil in a flavored, easily digestible capsule," further stated Friedman. Retail price is expected to average roughly $2.99 per capsule in packages of three for the "awake-focus-sleep" packs and 30 day supply bottles. The Company has further plans to follow its release of capsules with a beverage line already in production.
Agritek Holdings would like to additionally note that it has signed an engagement letter with a new auditing firm to once again remain in compliance with its reporting requirements and is awaiting final approval to file the 8K. "We wanted to seek out a firm that was familiar with the recreational wellness sector and represented clients within the space for a long term relationship and are in the final due diligence phase for acceptance and updating our filings," further stated Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), a pioneer within the medicinal marijuana space, provides innovative patient and agricultural solutions and seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including through its wholly owned subsidiary Agritek Venture Holdings Inc. Agritek 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.
Agritek Holdings, Inc.