LOS ANGELES, CA, March 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and white label provide for popular hemp brands, today announced that the Company has entered into a definitive agreement to acquire all of the issued and outstanding shares of Full Spectrum Biosciences Inc., a Colorado based company focused on blockchain and genetic mapping of cannabis strains and formulation of premium brands.
"Agritek Holdings has positioned itself within the cannabis space to allow Full Spectrum Biosciences to achieve its ambition of being one of the first companies to fully deploy blockchain technology as it relates to genetic mapping of cannabis strains. The Company has been licensed in Colorado for hemp cultivation, and has licensing agreements to allow cultivators and breeders to genetically map unique strains and mark those strains as IP within a blockchain system. Clients of Full Spectrum Biosciences will register for access to a portal which will hold the genetic makeup of submitted strains, allowing ownership of the IP once certified lab and test results show the strain is unique, which can open a pathway for trademark and patent of the strain,” stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
"I have always believed that big data will prove itself to be the most important play in the cannabis sector. With further FDA regulations soon to come down and all but eliminate most of the smaller companies selling hemp or cbd products under these new guidelines, we plan to show a full chain of custody from seed to shelf with certified testing for pesticides down to the genetic makeup of the plant or sample submitted. Agritek Holdings will utilize this new blockchain technology in the creation and formulation of brands that will meet the highest criteria set forth by the FDA and regulatory agencies monitoring the cannabis sector. By merging with Agritek Holdings, Full Spectrum Biosciences will benefit from the combined expertise of both companies in creating premium cannabis brands, producing and procuring unique data storage for genetic strains and ensuring regulatory compliance,” further stated Friedman.
The closing of the acquisition and agreements between Agritek Holdings and Full Spectrum Biosciences will be based on an all equity transaction with Full Spectrum Biosciences becoming a wholly owned subsidiary of Agritek Holdings Inc. Both parties including the board of directors have voted on behalf of the proposed acquisition which is expected to close by March 31, 2020 subject to final execution of the definitive agreements.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands 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 real estate holdings. The hemp based raw material and products produced at facilities owned by Agritek Holdings and leased back to licensed operators are then used for retail branded CBD, CBG and Hemp oil extract products sold around the world. 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.
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