LOS ANGELES, CA, Jan. 22, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (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 expects to complete the acquisition of certain assets of Apex Extractions including brands and distribution licenses into a wholly owned subsidiary of Agritek Holdings by February 2020. Apex is a California based licensed manufacturer and distributor of over eleven Cannabis Cup award-winning brands (www.Apexextractions.com).
The highly anticipated acquisition brings together one of the most recognized cannabis brands in California with licensed manufacturing facilities in Oakland, California as a wholly owned subsidiary with immediate access to the public markets. Agritek Holdings is presently applying for a name change post acquisition to reflect the company’s pure real estate holdings model as Apex will represent the cannabis brands, assets, revenue and distribution model as the subsidiary. Both Companies will benefit investors strategically with the “new” Agritek Holdings seeking to purchase and lease back additional industrial zoned and innovative properties for cannabis operators with Apex and its partners acting as tenants and licensee’s for manufacturing, retail and cultivation operations in multiple legal jurisdictions.
"Under our new proposed acquisition structure, Apex will continue to provide manufacturing and distribution of our leading brands initially in California with revenue flowing through our subsidiary as Agritek, our parent and holding company will act as our real estate partner funding operations as we expand to multiple jurisdictions creating a perfect synergy for the sector,” stated Scott Benson, CEO of Agritek Holdings.
Approval of the executed definitive agreement and asset acquisition and name change is subject to the standard due diligence process and compliance for transactions approved for trading by OTC Markets.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor 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 cannabis properties 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", Hemp oil wellness products, “Higher Society” 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.
About Apex Extractions
Founded in February 2017, Apex Solutions was one of the first licensed, recreational cannabis manufacturers established when legalization occurred in the state of California. So far in 2019, Apex Extractions' concentrates and pens have already won 10 High Times Cannabis Cup awards and last month the company introduced the Apex Solutions Fresh Club subscription delivery service. Apex additionally provides bulk concentrates to some of the largest brands in California.
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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.
Contact:
Agritek Holdings, Inc.
www.AgritekHoldings.com
305.721.2727