LOS ANGELES, CA, March 15, 2018 (GLOBE NEWSWIRE) -- Agritek Holdings, Inc. (OTC: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 plans to purchase the 15,000 sq. ft. cultivation and manufacturing facility under lease contract on behalf of its’ licensee 1919 Clinic once final approvals from the State Department of Health are received.
The new state-of-the-art, San Juan-based facility contains a total of 15,000 usable square feet that will be the first vertically integrated cannabis operation in San Juan, Puerto Rico and will operate as a cultivation and manufacturing facility, as well as containing a separate space that can be dedicated to a retail dispensary partner. The GMP facility with conditional approvals in place by the government has additional plans to use a minimum 2,500 sq. feet of existing office space to act as hourly offices for doctors and attorneys to approve patient recommendations and streamline the approval for the thousands of patients now awaiting certifications.
Agritek presently holds the option to purchase the leased facility within the next 6 to 18 months once approved and operational. Agritek has presently invested over $200,000 in the licensed partner 1919 Clinic including extraction and processing equipment, lighting, security and rents in preparation for the operation to begin its first cultivation by summer. Agritek will receive revenue through rents, infrastructure loans, consulting fees and exclusive brand licensing of its cannabis and CBD brand lines as well as maintain a 30% interest stake in the operation through its five (5) year operational agreement.
"Much of the sector has focused on Colorado and California for some time with recently enacted recreational markets and forming legislation projected to be the largest in the markets in the country. Agritek Holdings has a large footprint within those states already with its’ Pueblo, Colorado based Hemp research farm to be cultivating full spectrum hemp oil and isolate for the pharmaceutical industry by summer. The Company is also manufacturing brands “California Premiums” (www.Calipremiums.com) pre rolls and “Hemp Pops” a 25 mg full spectrum oil Hemp lollipop (www.hemppops.com) through licensed partners in California," stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
“I believe Puerto Rico has been an overlooked market and opportunity as pricing has continually plunged due to surplus in Colorado and California to often less than a $1,000 a pound. Our facility will be registered with over 500 strains, average 150 pounds every two months once fully operational, with a current marketplace of $4,000 a pound. In a few words, 1919 Clinic has advantage to produce less than half as other operations in major markets to make 300% more profit. Puerto Rico has also enacted the same legislation that Nevada did initially allowing patients with medical cards from all jurisdictions to purchase medicine on the island to capture the tourist revenue from cruise ships to vacationers as well as locals. We look forward to adding this property to our present cannabis real estate portfolio, providing much needed jobs and tax revenue for the island once approved and operational expected by this summer” added Friedman.
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 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.