LOS ANGELES, CA--(Marketwired - Oct 24, 2017) - Agritek Holdings, Inc. (
The new facility contains a total of 15,000 usable square feet that will be the first vertically integrated cannabis operation in San Juan, Puerto Rico that will operate as a cultivation and manufacturing facility, as well as a separate space that can be dedicated to a retail dispensary partner. The GMP facility with approvals has additional plans to use a minimum 2,500 sq. feet of existing office space to act as hourly offices for doctors and attorneys to approve patient recommendations and streamline the approval for the thousands of patients now awaiting certifications. Agritek holds the option to purchase the leased facility within the next 6 to 18 months and once approved, will receive revenue through rents, infrastructure loans, consulting fees and exclusive brand licensing of its cannabis and CBD brand lines.
The Department of Health and government of Puerto Rico have recently enacted a new amendment to existing legislation allowing registered patients of the island and from medicinal states to receive medicinal cannabis from any licensed dispensary on the island instead of being tied to a single location as a patient.
"There is no question that the current devastation and the population on the island are suffering from strained living conditions in Puerto Rico which will be a long recovery process. However, I am happy to report that our operating and licensed partner 1919 Clinic's move to a new state-of-the-art facility and potential decision to use the warehouse for an ancillary grow operation in the future, all funded by Agritek Holdings, was an intelligent and beneficial move allowing for decreased infrastructure build out and costs. The facility chosen by Agritek management and paid for by Agritek Holdings places 1919 Clinic in the first vertically integrated operation within San Juan to provide products and services to all the main cities with a leading position within the sector during this recovery phase. Most of the current cultivators and dispensaries on the island suffered extreme losses in the millions of dollars in supply as well as product and clients due to the lack of power and flooding. Essentially, by 1919 Clinic starting its initial build out phase and suffering no storm damage to our facility within its' commercial location or having losses of supply, we are now on a level playing field and on track with expectations to open our manufacturing facility next month," stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. 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.
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.