Company Expands Operations In Colorado On Heel Of New Deal With President Trump And Senator Cory Gardner Clearing Way For Colorado Medical And Recreational Cannabis
LOS ANGELES, CA, April 26, 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 announced that the Company has entered an agreement to purchase a tier one recreational license on behalf of its approved licensee for the state of Colorado allowing the operation to grow up to 1600 plants once the transfer is approved for its existing farm operations. Agritek will receive revenue only as a consultant and compliance arm to the operation and license transfer to its licensee.
The Company has decided to escalate its presence in Colorado due to recent advancements for national cannabis legislation in which President Trump and Colorado Senator Cory Gardner negotiated a groundbreaking deal on behalf of Legalized Marijuana. President Trump stated he will support congressional efforts to protect states that have legalized marijuana according to the Cannabis Business Times and major news sources. Recently, President Trump is said to have promised Senator Gardner that he will support congressional efforts to protect states that have legalized marijuana. In a phone call late Wednesday, Trump told Gardner that despite the DOJ memo, the marijuana industry in Colorado will not be targeted, the senator said earlier this month.
In addition, The Company is pleased to announce new legislation under the form of BILL HB18-1011 now being proposed allowing marijuana businesses based in Colorado to allow publicly traded companies to participate as owners in cannabis operations within the state.
The bill redefines the terms 'direct beneficial interest' and 'permitted economic interest' so that only those who own more than 5% of the shares of stock in a marijuana business have to go through the disclosure and background investigations. The bill repeals the provisions that require limited passive investors to go through an initial background check. The bill repeals the provisions that limit the number of out-of-state direct beneficial owners to 15 persons. The bill repeals the provision that prohibits publicly traded entities from holding a marijuana license.
The bill also states that, when the marijuana state licensing authority adopts rules related to ownership by and licensing of publicly traded companies, the rules must be substantively identical to the gaming commission rules for ownership by and licensing of publicly traded companies.
“Having new and favorable legislation towards public company ownership within cannabis businesses as well as eminent GOP and Democratic leaders endorsing our industry proves that new cannabis legislation can truly bridge both sides of the aisle. These prominent government leaders will have a strong hand and voice allowing our sector to shape the political course of this evolving industry while improving on human health and wellness of the American public being reflective of a broader evolution within the United States,“ stated B. Michael Friedman, CEO of Agritek Holdings.
A full investor presentation on Agritek Holdings may be viewed in the investor section of our corporate website located at www.Agritekholdings.com
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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