Agritek Holdings, Inc. Announces Execution Of Five (5) Year Agreement And Interest In Green Acres Pharm 10,000 Sq. Ft. Cultivation And Manufacturing Facility In Washington State
LOS ANGELES, CA--(Marketwired - Aug 30, 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 the Company has executed a five (5) year operational and exclusive licensing agreement with Green Acres Pharm, a 10,000 sq. ft. licensed and operating cultivation and manufacturing facility located in Washington State. Agritek Holdings will help provide additional infrastructure buildout costs for the services of licensing products for the Company in the new manufacturing facility as well as provide equipment lease/financing partners. Under the five (5) year operational contract and licensing agreement, Agritek Holdings will receive revenue in the form of consulting fees, licensing fees on all vaporizer and edible brands, equipment and lighting rental and financing fees. The Company has infused the first $100,000 of funding into Green Acres Pharm at the time of this release with plans for an additional $250,000 over the next months for machinery and equipment. The company will also seek to purchase the cultivation and manufacturing facility as an addition to its present real estate portfolio including Colorado and Puerto Rico.
In addition to the operational contract which is expected to produce six figures in revenue for the Agritek Holdings, the company will receive licensing revenue for several brands owned by Agritek through existing dispensary retail channels already established through Green Acres Pharms and producing revenue through its existing cultivation operations including oil cartridges, filling machines, vaporizers and edibles.
B. Michael Friedman, Chief Executive Officer of Agritek Holdings, Inc., stated,
"Washington State is one of the most compliant jurisdictions within the medicinal and recreational cannabis sector. This long term operational contract and licensing agreement executed for the expansion of the 10,000 square foot cultivation facility now expands the footprint of Agritek into four jurisdictions as a leading provider of financial services, consulting and expansion of our brands and product lines. Washington State is becoming one of the fastest growing and compliant jurisdictions within the legal cannabis sector and we are excited to have the opportunity to work with one of the largest licensed facilities in the state."
Agritek Holdings was recently approved for uplisting and now trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. The Company was recently featured on the FOX News Network and is additionally investigating and seeking a dual listing on the TSX Venture Exchange or CSE with the closing of its new Canada property and guest facility.
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, 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" 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.