LOS ANGELES, CA--(Marketwired - Nov 14, 2017) - Agritek Holdings, Inc.(OTCQB: 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 has agreed and entered into negotiations to purchase the surrounding nine-hundred (900) acres of its' existing 80 acre Hemp planned research site in Pueblo, Colorado.
Currently, Agritek Holdings owns eighty (80) acres with water and mineral rights for its planned Hemp research project for production of CBD infused products. The Company has now been given the first right and accepted the offer to purchase the surrounding nine-hundred (900) acres making it one of the largest operating Hemp research projects seeking approval by the state.
Through the almost 1,000 acre operation, Agritek Holdings will seek to become the largest tissue culture and genetics propagator of cannabidiol (CBD) and cannabis genetics in the US. The Company's primary focus will be in creating and patenting genetic strains of true medical marijuana and hemp-based CBDs. Using tissue culture, combined with its patented hydroponic pod technology, the Company can create identical, pathogen-free plantlets that can be used to create highly standardized hemp-based CBDs that are THC free in content. The first beta pod is unit already in place on the property.
The Company's Industrial Hemp license partner will enable the Agritek funded operation to cultivate, handle, transport, process, and distribute unlimited quantities of hemp through its 1,000-acre hemp research farm in Pueblo. Through the Pueblo operation, the company expects to harvest at least 350,000 pounds of dry flower each year for extraction into oil at its research and development facilities once completing the license and build out process. Once the oils are extracted, they will include cannabinoids like THCV for obesity/diabetes, CBG for sleep aid, and the more widely known CBD.
According to the Hemp Business Journal, the hemp industry generated $688 million in sales last year, representing a 22% compound annual growth rate. The industry organization believes that the hemp industry will reach $1.8 billion by 2020, driven primarily by the rise of hemp-based, or cannabidiol (CBD) products. These products could eventually make a dent in the $17.7 billion market for opioids, especially given emerging research and political pressure. While there are many different opportunities in the space, the market still remains quite fragmented with few companies that have reached a commercial model for consistent production.
"The addition of 900 acres for our research hemp grow to our existing 80 acres in Pueblo, Colorado once complete, will put Agritek Holdings in a category of a major manufacturer and provider of CBD products for multiple jurisdictions. We have already signed agreements to white label product under our brand for tinctures, soft gels, sublingual strips now available as well as additional products including pain creams and beverages. With our existing land holdings, we have additionally entered into binding agreements to provide pharma grade CBD isolate and land contracts to some of the largest providers in our industry. We at Agritek Holdings look forward to continuing to expanding our reach within the sector and creating shareholder value as we move into 2018", stated B. Michael Friedman, CEO of Agritek Holdings.
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.