LOS ANGELES, Aug. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings Inc. (OTC: AGTK), a fully integrated investor in the legal cannabis sector, today announced that it has entered into a binding letter of intent and term sheet to acquire substantially all of the assets of Apex Solutions Inc. The Company, based in Oakland, California, is a licensed manufacturer, producer and distributor of award-winning, premium cannabis products across the state of California.
This potential transaction gives Agritek Holdings Inc. access to Apex Solutions’ tremendous portfolio of intellectual property and proprietary technology in addition to ownership rights for the company’s extensive line of branded products including concentrates Cali Stick, Pinnacle vape pens and proprietary cartridge brands.
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.
After the close of acquisition, the Apex Solutions team will be integrated into the Agritek Holdings team and into a new board of directors. Suneil Singh Mundie will resign as CEO of Agritek Holdings with Scott Benson, CEO of Apex, coming on as Agritek’s new Chief Executive Officer. It is anticipated that Agritek Holdings will pay consideration consisting of both equity and cash as outlined within the share exchange and definitive agreements expected to be completed by the parties by the end of the month. The acquisition is subject to the completion of standard due diligence and majority shareholder approval. The Agreements are expected to include virtually all of the tangible and intangible assets of the Business of Apex.
“We are thrilled to add Apex Extractions’ portfolio of fantastic brands and state of the art manufacturing facility to the Agritek Holdings family,” said Scott Benson, CEO, Apex. “This strategic move, and additional resources as part of a public company, will help us better serve our collective customers and further expand our footprint with investment capital within the extremely lucrative cannabis space.”
“We are pleased to announce our plans to acquire Apex and its portfolio of brands distributed widely throughout California. This manufacturing facility and brand notoriety will pair us with a premier manufacturing operation and will expand our solid base allowing Agritek to leverage our existing and newly acquired assets. We look forward to integrating this manufacturing facility, brands, revenue recognition and its team, into a highly qualified and leading operation as the major anchor asset of the new Agritek Holdings,” stated management for Agritek Holdings.
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 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.
About Apex Solutions Inc.
Founded in 2017, Apex Solutions was one of the first licensed cannabis manufacturers established when it was legalized in the state of California. Our mission is to create the highest quality, most consistent cannabis experience available, while also providing unmatched value to our customers and partners. Our expert extractors work hand-in-hand with our cultivation partners to preserve the full spectrum of the plant's properties, creating the purest form of cannabis available, at an incredible price point. License number: CDPH-10002456. Learn more at www.apexextractions.com. Instagram:@apex_extractions
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.
Agritek Holdings, Inc.