Agritek Holdings Inc Announces Shareholder Update on Colorado and Nevada Recreational Agricultural Properties
LOS ANGELES, CA–(Marketwired – September 30, 2014) – Agritek Holdings, Inc. (OTCQB: AGTK) (http://www.Agritekholdings.com), a fully reporting company on the OTCQB and leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced the following updates to shareholders and investors regarding advancements in the Company’s agricultural properties in Colorado and Nevada approved for cultivation.
With regard to the Colorado property located in Pueblo County, the Company has to date received approximately eighty thousand dollars ($80,000) in first commitments for build out of greenhouse structures within the agricultural farm project. The first leases consisting of at least three year terms are expected to be executed in the next few weeks which include the build out of greenhouse structures, cultivation facilities, security services, water and utilities. The Company has received approval for engineering plans, surveys and design of green house structures by several tenants on the first plots of land released for the project consisting of 40 acres in Pueblo County. Agritek Holdings will receive revenue consisting of rents for providing infrastructure, management and utilities to approved and licensed grow operations and manufacturers within the recreational jurisdiction.
The Company is also pleased to announce that our proposed tenant, My Life Organics, LLC. recently received further approvals for cultivation and special permit licenses within the state of Nevada. The Company has entered a contract for purchase of land consisting of 3.5 acres within the Nevada “Green Zone” with plans to build a 40,000 square foot facility. The real estate closing in Nevada for the land project is expected to close sometime in November once final licensing is received within the state.
“The process of receiving approvals for water use, engineering and achieving licensing on behalf of our tenants for these real estate projects within the recreational market in two key states has proved to be an intricate task. However, we are at the tail end of finalizing documents and beginning construction which we believe will prove to be a showcase model that will demonstrate to each state how this sector can be both compliant and profitable for the states we operate in. We are confident that our business model will instill confidence over the coming months to our shareholders, tenants and jurisdictions where we are holding land assets and operations,” stated B. Michael Friedman, CEO of Agritek Holdings.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), a fully reporting Company and pioneer within the medicinal marijuana space provides innovative patient and agricultural solutions seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including beverages, vaporizers and accessories under the Mont Blunt™ brand (www.montblunt.com). The Mont Blunt™ (www.MontBlunt.com) brand of vaporizers and e-cigs, are presently available through the Company’s web site, www.DryVapes.com as well eBay store fronts and through select retailers.
Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
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.