LOS ANGELES, CA, March 27, 2018 (GLOBE NEWSWIRE) -- 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 provided the following comments regarding passage of the “Consolidated Appropriations Act, 2018” a $1.3 trillion-dollar spending bill, which will now allow continued protections for the implementation of state medical marijuana programs through fiscal year end, September 30, 2018. In light of the positive move by government representatives this week, Agritek has accelerated investments in both its Colorado based Hemp research farm and cultivation and manufacturing operations located in Puerto Rico.
The United States Congress previously used the rider provision in the fiscal years 2015, 2016, and 2017 known as the Consolidated Appropriations Acts (formerly the Rohrabacher-Farr Amendment) to thwart the federal government from using congressionally appropriated funds to prevent states from implementing their own laws that authorize the use, distribution, possession, or cultivation of medical marijuana. The 2018 appropriations protection, now known as the “Leahy Amendment,” continues this provision to 46 states, the District of Columbia, Guam, and Puerto Rico, with the exclusion of Idaho, Kansas, Nebraska, and South Dakota. The 2018 spending bill also continues existing provisions shielding state industrial hemp research programs from federal interference. Although impermanent at this time, it is critical that Congress continue to include these temporary protections until comprehensive policy reform can be achieved similar to what Canada has recently enacted.
“The Agritek Holdings business strategy has always been focused on financing top-tier land and infrastructure companies within the licensed medical cannabis industry. We welcome this positive development and will continue to monitor any changes in state and federal legislation. We will continue to remain focused on the medical cannabis markets including Colorado, California and Washington State covered by this Act as well as expanding our presence in Canada. I believe this very positive event will allow Agritek to maintain a strong competitive edge in advancing our land portfolio and canna- business to remain compliant within present legislation while creating strong and diversified shareholder value,” stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
“The new protections enacted specifically for Hemp research will allow Agritek Holdings to fully complete its plans for its Pueblo operations which will be one of the largest outdoor operations producing CBD, full spectrum oil for medical patients and pharma research once completed. Additionally, investors can now view updates, receive news alerts and see video of all projects and equity interests of the Company in the newly created interactive newsroom linking all Company social media to keep new investors and existing shareholders informed in real time of new developments and updates from management at www.AgritekHoldings.com,” further stated Friedman.
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 "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.
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