Agritek Holdings, Inc. Announces Phase One Construction On 25,000 Sq. Ft. Cultivation Facility In Puerto Rico
LOS ANGELES, CA--(Marketwired - Aug 14, 2017) - Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active cannabis real estate investor and branding consultant in the legal cannabis sector today announced that phase one of construction will begin this month at the 1919 Clinic's 25,000 square foot cultivation and manufacturing facility located in San Juan, Puerto Rico. Agritek Holdings will provide funding for the build out of the operation, extraction and all equipment as well as cultivation experts under the Agritek team through its executed five (5) year Operations and Licensing Agreement with 1919 Clinic. The Operations and Licensing Agreement entitles Agritek to multiple revenue streams including monthly consulting fees, equipment lease back fees, as well as exclusivity for the sale of Agritek brands including vape products, oils and edibles upon meeting all the standards as set forth for legal operation by the Department of Health for Puerto Rico.
The territory legalized medical marijuana by decree nearly two years ago and new Governor Ricardo Rossello last month signed a measure that set out a legal framework for the industry. Backers say the initiative will spark an expansion of the cultivation operations, manufacturing centers and dispensaries that have begun popping up across the island.
According to a recent article by the Seattle Times, for people like Narelis Cortes, the issue isn't so much work as conquering pain.
She's one of nearly 9,000 Puerto Ricans who have paid $25 a year for a permit to use medical marijuana to treat at least 14 preapproved conditions including HIV, cancer, multiple sclerosis, migraines, anxiety and epilepsy.
The 32-year-old mother and Air Force veteran said rheumatoid arthritis, fibromyalgia and the initial stages of Parkinson's disease had kept her in bed for hours a day. She said she spends about $350 a month on medical marijuana. She vapes every four to six hours and has eliminated the need for 20 medications.
"I'm functional now," she said.
The island's treasury secretary says the medical marijuana industry could generate up to $100 million a year, in part through a sales and use tax, and help ease an unemployment rate that has hovered around 12 percent. See the full article here:
"I am excited to have Agritek Holdings as one of the first public companies chosen to move this new medicinal cannabis initiative forward in Puerto Rico. I believe this region will greatly benefit from these new medicinal cannabis laws and become a driving force in creating jobs, increasing taxes to the government while decreasing debt and most importantly, playing a role in reducing the opiate crisis not only plaguing this Island but the United states as a whole. It is our goal to make 1919 Clinic the gold standard for the entire island,"
stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., (www.AgritekHoldings.com) a pioneer within the medicinal marijuana space, provides innovative technology, brands and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns or manages property in Colorado, 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 MD Vapes, MicroDose Strips, "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.