Agritek Holdings Inc. Provides Update to Shareholders and Announces Approval and Renewal of Uplisting on OTCQB for 2018 and Filing of 10K Annual Report Within Extension Period
LOS ANGELES, CA - (NewMediaWire) - April 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 an update to shareholders and that the Company has renewed and received approval to maintain its uplisting for trading on the OTCQB. Companies traded on the OTCQB and OTCQX must maintain the highest reporting standards and be subject to fully reporting financials through an SEC peer approved auditing firm to provide complete transparency to investors. The company has previously announced its auditing firm as M&K CPAS PLLC of Houston, Texas.
“Our auditing firm and accountants at M&K CPAS have assured us that our 10K annual report will be timely filed within the extension period ending April 17th, 2018. Our new auditing firm must maintain the highest standards of financial reporting, and they are taking additional time to ensure the accuracy of the reported progress Agritek Holdings has made during 2017,” stated B. Michael Friedman, CEO of Agritek Holdings Inc.
Overview Of Agritek Holdings
Agritek Holdings Inc 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 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, Colorado, Washington State, California as well as Canada and Puerto Rico. Agritek Holdings invests its capital via real estate holdings, licensing agreements, royalties and equity in acquisition operations.
Agritek Holdings Inc. has organized its interests across three business units – Agritek Venture Holdings; The American Hemp Trading Company; and MediSwipe, Inc. Agritek Venture Holdings includes the Company’s real estate portfolio, controlled equity holdings, minority equity holdings and royalty interests. Subsidiary operations also include a portfolio of wholly owned and licensed brands that cover high growth segments of the cannabis sector including vaping, pre-rolls, edibles, topicals, medical devices, concentrates and soon to come, animal health. MediSwipe, Inc. offers a suite of services including corporate finance, marketing & branding, operational support, financial management, and compliance & regulatory services. These services are offered by a strong in-house team complemented by independent advisors with the objective of assisting clients and partners in accelerating the commercialization of their product(s) or services, and ultimately in leveraging their unique selling proposition to create a leadership position in their chosen niche within the global cannabis industry.
Agritek Holdings Inc. intends to build on its existing relationships by developing operating plans and providing oversight, strategy and management of the business units’ growth and integration. Further, Agritek Holdings plans to continue expanding its reach by building new partnerships with vertical market partners and end- user products companies as well as exploring opportunities with successful cultivators and processors. Through our expansion efforts, Agritek Holdings intends to utilize online sales and marketing platforms, participate in relevant trade shows and develop various advertising materials to communicate its multiple licensed brands including “California Premiums,” “Hemp Pops” and additional CBD product lines.
Agritek Holdings is also well-positioned to participate in the large and growing legal cannabis market for enhanced downstream cannabis products and new products with various consumer and medical applications.
Agritek Holdings’ short-term objective is to create a sustainable business in the key states of California, Colorado, Washington and Oregon as well as in Canada and Puerto Rico by integrating its holdings to create synergies and true end-to-end solutions geared to the needs of patients and consumers. Agritek Holdings has positioned itself for commercial growth by focusing its expanded resource base on finding and partnering with the best and most innovative companies, projects, assets and overall business frameworks in the legal cannabis sector in the aforementioned jurisdictions.
To achieve its objectives, the Company will continue making specific and deliberate investments, including acquisitions, to:
1. Increase the diversity and quality of the Company’s product offerings across different market segments; and
2. Increase the strength and segmentation of the Company’s diversified portfolio of real estate holdings and product brands.
In addition, management believes that significant opportunities exist today and will develop further in the future, to leverage the Company’s expertise, financial strength and business model in legal cannabis markets around the world. Agritek Holdings intends on pursuing opportunities in a number of jurisdictions where cannabis use is legal, and/or where governments are actively pursuing legalization.
Subject to legislative and regulatory compliance, strategic business opportunities pursued by the Company could include:
1. Providing advisory services to third-parties that are interested in establishing licensed cannabis cultivation, processing and sales operations;
2. Entering into strategic relationships that create value by sharing expertise and industry knowledge;
3. Providing capital in the form of debt, royalties, or equity to new business units; and
4. Entering into licensing agreements to generate revenue, create strategic partnerships, or other business opportunities.
HIGHLIGHTS FOR THREE MONTHS ENDING December, 2017
The central theme of the Company’s second quarter of fiscal 2017 was the continued expansion of its balance sheet and setting the stage for future growth of its real estate portfolio assets. An earlier equity financing led to the strengthening of the Company’s cash position and allowed for strong strategic growth through the acquisition of new holdings, continued investment towards the development of its existing brand portfolio, formation of new strategic corporate divisions, and commitments to new strategic relationships. These new partnerships and other significant corporate achievements have allowed the Company to begin realizing synergies between and amongst its various assets within its portfolio. Agritek Holdings has ultimately become increasingly well positioned to allocate capital to accretive investment opportunities, and to also provide the ongoing support required to de-risk operations, realize significant upside, and in some cases, work towards obtaining liquidity for its investees.
Strategic and Operational
Agritek Holdings achieved a number of strategic milestone objectives during the quarter including:
• The establishment of a strategic business partnership and operational agreement with 1919 Clinic a licensed cultivation and manufacturer in Puerto Rico
• The establishment of a strategic business partnership and operational agreement with Green Acres Pharms a licensed cultivation and manufacturer in Washington State
• The launch and release of “California Premiums” a celebrity styled pre-roll brand in California
• The launch of “Hemp Pops” a 25 mg lollipop sold online at www.Hemppops.com
• Pay off and ownership of the deed of eighty (80) acres of land located in Pueblo, Colorado to be built out as a research Hemp farm and isolate manufacturing facility.
• Payoff of approximately $750,000 in debt from multiple lenders.
• The execution of a $1 million consolidation equity/debt facility financing with Chicago Ventures Inc.
These key accomplishments have positioned the Company to leverage substantial market opportunities and continued growth and have also improved Agritek Holdings’ value proposition for potential new investees and other strategic partners, in both current and new legal cannabis markets. The Company has and will continue adding complementary segments to build its integrated platform of assets that focus on high-value product segments of the global cannabis market including pre-rolls, vaporizers, edibles, topicals, animal health, concentrates, inhalers, transdermal patches, and other innovative products that are currently in development.
The Company has since its inception, combined its industry leading expertise with its significant corporate finance, legal, and capital markets know-how, to guide investees in the nascent and complex cannabis industry. Agritek Holdings’ approach has been supporting and driving the growth of both new and existing investments through its advisory services, making the Company a more attractive capital provider to global cannabis businesses.
“Our Company has been able to leverage the significant expertise and experience of its management team, in order to provide consulting and advisory services to participants of the global cannabis industry. Agritek Holdings will continue to provide a full suite of services within the areas of corporate finance, capital markets, compliance and regulation, financial management, cultivation and extraction, operations, as well as retail and sales strategy. More generally, Agritek Holdings will continue with its ongoing expertise and know-how required for emerging companies to effectively grow and succeed within the nascent, complex and highly regulated cannabis industry,” further stated Friedman.
Consistent with Agritek Holdings’ strategy to build an integrated platform for the commercialization of high value segments and specifically the Agritek Brands subsidiary, the Company was pleased to report its most recent progress following the appointment of Russ Regan as President of Sterling Compassion, a wholly owned entity by Agritek Holdings on March 1st, 2017. Since Q3, Agritek Brands have advanced on several fronts including distribution relationships throughout California through delivery services and dispensaries for its California Premiums brand. In addition, the Company has established its California presence, and hired key personnel including a U.S. Operations Manager and Sales Manager to oversee the manufacturing of two wholly-owned Agritek Brands, California Premiums and Hemp Pops, commenced during the quarter ended December 30, 2017.
New and existing Agritek investees are expected to benefit significantly from our new sales channels, as well as access to the experience, expertise, and business network of our Colorado, Puerto Rico and new Oregon partners presently being negotiated for a new licensed facility, which will help build a leadership position in the legal distribution of medical cannabis products in these additional jurisdictions.
Beyond California, Agritek Holdings continues to improve its global distribution platform for its proprietary Brands and portfolio of assets. To that end, the manufacture and distribution of Agritek Brands in Puerto Rico has begun through its investee company 1919 Clinic, LLC (“1919 Clinic”). The distribution of Agritek Brands in Puerto Rico has just commenced with its wholly-owned branded products Hemp Pops and vaping products MD Vape premium vape pens. Unbeknownst to most, Puerto Rico is one of the most viable priced market within the cannabis sector today. The Company will continue exploring international distribution partners to help drive the growth and sales of its Agritek Brands portfolio products. A full investor presentation on Agritek Holdings may be viewed in the investor section of our corporate website located at www.Agritekholdings.com
“I look forward to our shareholders reviewing our annual report and seeing firsthand the progress we have made in assets, operations, funding and the start of revenue as we build our shareholder value over 2018,” added Friedman.
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.
Agritek Holdings, Inc. www.AgritekHoldings.com 305.721.2727 firstname.lastname@example.org