LOS ANGELES, CA, May 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (OTC: AGTK) www.AgritekHoldings.com, a fully integrated, active cannabis real estate investor and brand licensor for the cannabis sector in the United States and Canada, today announced that the Company will be filing an extension today for the 10-Q report ending March 31, 2019. The extension of time is necessary due to unanticipated delays in compiling financial reports and other data that is necessary in preparing and completing the 10-Q financial statement. The Company has recently filed its’ annual 10-K, and the delay in the quarterly report to be completed next week through the extension period will not delay the Company’s application to be uplisted on the OTCQB.
Additionally, Agritek Holdings is pleased to announce that the Company has executed a purchase agreement for the 15,000 Sq. ft. licensed manufacturing facility in San Juan, Puerto Rico, in partnership with its licensee 1919 Clinic. The purchase price of the building is $950,000, with Agritek Holdings financing the facility over the term of six (6) months. 1919 Clinic will continue to pay Agritek Holdings Inc. rent and consulting fees at the time of closing on the facility.
The state-of-the-art manufacturing facility is presently approved and licensed by the Department of Health of Puerto Rico for cannabis manufacturing, extraction and production of edibles. 1919 Clinic has already been manufacturing and distributing Agritek Holdings licensed brands of edibles with revenue production for this quarter. The facility is expected to supply edibles and cannabis products to approximately 30 licensed dispensaries throughout the island.
“With the filing of our annual report and our 10-Q next week, I believe we are achieving several important milestones toward our short-term business strategy and long-term revenue model. Our uplisting to the OTCQB will enable us to raise capital favorable to both the Company and our shareholders and allow us to reach a broader range of new retail and institutional investors under our present capitalization table. The addition of a major real estate asset on our balance sheet operating as a licensed cannabis facility while increasing revenue under the terms of our agreement with our tenant and licensee clearly shows we are on a path to greater shareholder value and growth,” stated Suneil Singh Mundie, acting CEO of Agritek Holdings, Inc.
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, 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”, "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.
FORWARD-LOOKING DISCLAIMER:
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. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding expected timing of the filing of the Annual Report on Form 10-Q for the quarter ended June 30, 2018. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to timely file our requisite filings with the Securities and Exchange Commission, our ability to meet the continued listing requirements of the OTC Market, our ability to expand leadership activities in support of our sales, our ability to continue to grow, our ability to integrate the entities that we have acquired, our ability to strengthen our internal controls and the other risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017 and our other filings with the SEC, including subsequent reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.