LOS ANGELES, CA--(Marketwired - Jun 9, 2017) - Agritek Holdings, Inc. (OTCQB: AGTK) today announced that the Company's operational and licensing partner, 1919 Clinic, has received pre-qualification and preliminary approval for a manufacturing license in addition to its cultivation license for San Juan, Puerto Rico. Agritek Holdings presently holds a five year exclusive operational agreement with the Puerto Rico-based licensee 1919 Clinic with the Company providing funding for infrastructure build out, cultivation partners, equipment lease financing and product brand licenses. The final issuance of the manufacturing license will allow the operation to produce edibles and extraction services for other cultivators as well as oils for cartridges supplied by Agritek.
Agritek Holdings has already started to receive rental income since May 2017 and will receive residual income throughout the term of the agreement on all infrastructure loans, product licensing and cultivation consulting. B. Michael Friedman, CEO for Agritek, stated, "Puerto Rico in my opinion as a US territory has very unique status, and with our guidance and innovations for the 25,000 square foot facility in the middle of the city of San Juan will set the standard for compliance, growing technology and consistency of medicine. We have already started to infuse funds for infrastructure build out and security systems under the guidelines of the Department of Health and plan to make 1919 Clinic the gold standard for the island."
"Puerto Rico, similar to Nevada, has set guidelines to be a territory of reciprocity where patients holding cards from other regulated states will be able to purchase medicine during their travel. With Puerto Rico being one of the top destinations for the cruise ship industry, we believe the stage is being set for Puerto Rico to be a meaningful and newly emerging medical market for the cannabis sector. Agritek will be bringing our expertise, including cultivation teams from Colorado and California, to technology and new product brands, creating jobs, innovation, compliance and meaningful revenue for the Puerto Rico economy," further 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 in talks for an additional listing on a Canadian based exchange for its new Canada based operations.
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.