LOS ANGELES, CA, June 19, 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 received approvals and licenses for its "420 Style" resort and vacation bed and breakfast property approximately one hour outside of Quebec City, Canada. The fifteen-acre estate catering to a wellness lifestyle and blending the hospitality sector to new deregulation of cannabis within Canada consists of nine (9) unique guest suites, horse stables, private chef and spa services and is within walking distance to one of the most scenic golf courses in Quebec, for guests staying exclusively at the resort.
Agritek Holdings owns the exclusive operations and management agreement for the wellness property with one-hundred per cent of the revenue from bookings and the sale of wellness products. The Company has a ten year lease with the first right to purchase the resort and historical property, located at 26 Rue King, www.26RueKing.com, located in the French province of St. Pacome, Quebec .
Just an hour flight from New York City, the resort property will allow approved medical patients in Canada to order wellness products to be delivered during their stay via post, as well as those clients of the bed and breakfast coming from the US and around the world to order products once deregulation takes place over the next few months. The unique and first recreational property in Canada has already accepted bookings starting in September and has been marketed by the largest channel real estate travel brokers internationally and is presently listed on the largest travel sites in the world including Booking.com, Expedia, AirBnB.com amongst others.
In a recent report by New Frontier Data, it was stated, Canada is about to become the first G20 nation in the world to fully legalize cannabis and the implications are enormous. New Frontier Data projects the domestic Canadian cannabis market will reach (CAD) $9.2 billion by 2025. Combined, the Canadian medical and adult-use markets will rival that of California – which boasts the 6th largest overall economy internationally. See the full report here:
https://www.newcannabisventures.com/new-frontier-sees-9-2-billion-canadian-cannabis-market-by-2025/
The new Canadian legislation, titled, "An Act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts," would set a minimum age of 18 to purchase and use marijuana. That's lower than the drinking age of 19 in most provinces. It's also a departure from the norm in the United States, where states that have legalized recreational marijuana use have set the minimum age at 21.
Individuals would be allowed to possess up to 30 grams of marijuana for personal use, similar to the one-ounce standard in U.S. states where marijuana use is legal. Households would also be allowed to grow up to four marijuana plants.
While the bill would remove penalties for individual use and possession, it wouldn't set up a nationwide system for selling marijuana commercially -- those details would be left to individual provinces. In provinces that decline to set up a commercial framework, customers could order marijuana online from a federally licensed producer.
The bill would make Canada the second country in the world, after Uruguay, to fully legalize recreational marijuana use. Legal marijuana in Canada, one of the United States' strongest allies, could be a game changer for domestic marijuana policy discussions in the states, with eight states and the District of Columbia now having legalized recreational marijuana.
"Agritek Holdings through a unique cannabis model and asset in Canada being the first public company to combine the hospitality sector to the wellness sector, will soon prove to be a viable revenue model and bring international attention to the Company's business model of owning equity interest in real estate based cannabis assets in the US and Canada. We feel this new, one of a kind property will be a tremendous addition to our real estate portfolio already including Colorado and Puerto Rico. Agritek will be the first to operate a wellness recreational resort of its kind in Canada. The entire property for reservations will start at $1,200 per night with a three day minimum and $1,800 a night for weekends with delivery of wellness products included within all of the other amenities," stated B. Michael Friedman, CEO of Agritek Holdings Inc.
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.
FORWARD-LOOKING DISCLAIMER:
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.