LOS ANGELES, CA, June 14, 2018 -- /D.M.O. 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’s licensee has received final permit approvals for its’ 15,000 sq. ft. cultivation and processing facility located in San Juan, Puerto Rico. The newly issued permit approvals will now allow the Company’s provisional licenses for cultivation and manufacturing to be “green lighted” for final inspections by the Department of Health, believed to take place this month to commence operations.
The 15,000 sq. foot facility located in the heart of San Juan is under an exclusive multi-year financing, operations and licensing agreement with Agritek Holdings. Under new rules and regulations within Puerto Rico, the facility will focus on processing flower of other operations on the Island for oils, without the large burden of costs for major grow operations. The planned first vertically integrated operation in San Juan will qualify to provide for cultivation, processing and retail after the final inspection process.
Puerto Rico, with its’ tourism trade, allows patients of all states holding a medical card to purchase cannabis related products on the Island. To date, it is one of the most robust markets in pricing compared to the largest markets in the US including California and Colorado with averages of $4,000 a pound as compared to $1,000 in other recreational districts. The Company additionally expects to market and sell its full line of Hemp and CBD products through the manufacturing facility. The property is perfectly suited for the cultivation and processing as it has high ceilings for vertical growing, a turnkey commercial kitchen and will be complete with 1,600-amp, 480-Volt 3 phase electric systems.
Additionally, Agritek Holdings recently announced that it has been approved for its’ Industrial Hemp License through its licensee and advisory member. The Company plans to germinate 25,000 seeds over the next few weeks for use on its 78 acres. The Company expects the seeds to be feminized Cherry Wine hemp CBD strains that test in compliance of hemp laws of having .03% THC or less while averaging 15% CBD. The seeds may be sold to other jurisdictions throughout the state and additional legal jurisdictions.
We applaud President Trump who has recently come out in support of states’ rights in medical marijuana legislation with Senate Majority Leader Mitch McConnell (R-Ky.) recently announced his hemp legislation, known as the Hemp Farming Act, included in the 2018 Farm Bill. "Securing the Hemp Farming Act as part of the 2018 Farm Bill has been a top priority of mine. I look forward to continuing to work with my Senate colleagues on this and many other issues important to Kentucky agriculture as we move towards consideration of the Farm Bill," McConnell said in a statement.
Hemp products were worth at least $688 million in 2016 and are expected to be worth $1.8 billion by 2020. Notably, there are now 40 states in the nation that have legalized hemp. The multi-billion dollar hemp market is projected to grow 700% and hit $1.8 billion by 2020 according to Arc View Research.
“Our multiple cultivation properties and partners will continue to create much desired strains and diverse products, allowing Agritek Holdings to capitalize on cross-sector opportunities within the thriving cannabis sector. Our expansion of Agritek’s business into ancillary areas of the legalized cannabis and hemp industry will include:
(1) Product research and development of legal hemp-based consumer products under brands that target general health and well-being;
(2) To create an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD;
(3) Continue our leasing program of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use;
and, (4) Continue the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop,” stated B. Michael Friedman, CEO, Agritek Holdings, Inc.
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.