LOS ANGELES, CA, March 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (OTCQB: AGTKD) 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 has entered into a preliminary agreement and proposal to purchase its’ licensed 15,000 sq. ft. manufacturing and cultivation facility located in San Juan, Puerto Rico. The facility is presently under a lease purchase agreement with licensee 1919 Clinic Inc., with Agritek Holdings listed as the financier and principal under an operations and licensing agreement.
Agritek Holdings, over the last two years, has funded the operation approximately $350,000.00, provided all cultivation and manufacturing equipment and aided in the licensing process for the state of the art facility which consists of a 15,000 sq. ft. GMP building in the heart of San Juan, Puerto Rico. The facility is designed to withstand hurricane wind loads, control temperature and humidity, and is now licensed under Puerto Rico’s Department of Health Medical Cannabis Program for manufacturing operations including state of the art extraction, processing and manufacturing of edibles.
“With our new capitalization table and common share price as the result of our reverse split effective today, we are now in a position to make important acquisitions of property to add to our balance sheet as assets that we have previously funded over the last several years. The state of the art cannabis manufacturing and cultivation facility located in San Juan, Puerto Rico, has a proposed purchase price of just under one million dollars ($1,000,000.00). Fully operational, we expect the facility to generate over 1M in revenue in its first year of operation,“ stated acting CEO of Agritek Holdings, Inc., Neil Mundie.
“Taking into account the initial investment we have made with equipment and infrastructure, and by eliminating the cost of rent of almost $100,000.00 a year, the investment will pay for itself within the first year of ownership based on present contracts presently being negotiated with over 30 dispensaries for our exclusive edibles lines, manufacturing and co-packing services,” further added Mundie.
On July 9, 2017, the Puerto Rico government approved and enacted the Medical Cannabis Act, streamlining a new particular investigation license process as well as increasing the number of eligible conditions. Autism, glaucoma, Post- Traumatic Stress Disorders, and others have been added to an already-lengthy list of medical conditions that already included cancer, HIV and AIDS, Alzheimer’s, epilepsy, and migraine headaches, among others. From April to August 2018 to present, the number of licensed cannabis patients has increased to almost 50,000. Importantly, the island’s cannabis act includes a reciprocity policy that allows dispensaries to serve patients visiting Puerto Rico, as long as they hold a medical marijuana card from their home state.
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, 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 “MD Vapes”, "Hemp Pops", Hemp oil wellness products and "California Premiums". Agritek Holdings, Inc. does not directly grow, harvest, 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.
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