LOS ANGELES, CA, Dec. 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (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 completed the due diligence process and received board approval for the acquisition of certain assets, distribution and brands of the leading California based cannabis manufacturing Company Apex Extractions (www.Apexextractions.com).
The highly complementary acquisition brings together one of the most recognized cannabis brands in California with licensed manufacturing facilities in Oakland, California and eleven cannabis cup wins with immediate access to the public markets. Agritek Holdings along with Apex has immediate plans to expand its award winning brands to Nevada after the New Year to offer a full range of products to consumers in states across the country.
"With the pending acquisition of assets from Apex Extractions, this transaction will significantly accelerate our expansion strategy, revenue streams and strengthen our reach across the medical and adult-use markets,” stated Scott Benson, CEO of Agritek Holdings. “By leveraging our proprietary brands and increasing our extraction process of cannabis products in multiple jurisdictions of scale, as well as our market leading capabilities and expertise, we will continue to deliver value for our shareholders,” further stated Benson
The transaction, which will comprise of equity and financing of minimal two million dollars in funding to Apex Extractions as per the definitive agreement to be executed by the parties, gives Agritek Holdings Inc. access to Apex Solutions’ tremendous portfolio of intellectual property and proprietary technology in addition to distribution rights for the company’s extensive line of branded products including concentrates Cali Stick, Pinnacle vape pens, and proprietary cartridge brands. The definitive agreement and asset acquisition is subject to the standard due diligence process and compliance for transactions approved for trading by OTC Markets.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor 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 cannabis properties in Colorado, 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.
About Apex Extractions
Founded in February 2017, Apex Solutions was one of the first licensed, recreational cannabis manufacturers established when legalization occurred in the state of California. So far in 2019, Apex Extractions' concentrates and pens have already won 10 High Times Cannabis Cup awards and last month the company introduced the Apex Solutions Fresh Club subscription delivery service. Apex additionally provides bulk concentrates to some of the largest brands in California.
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.