LOS ANGELES, CA, Aug. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTC: 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 executed a revised term sheet and approved funding for up to $5,000,000 in cash through a private banking partner for a targeted California based acquisition and licensed manufacturing operation. The new cash infusion will be in the form of an Equity Purchase Agreement and Registration Rights Agreement allowing the Company access to capital on an as needed basis. The equity line when registered, will allow Agritek Holdings to further eliminate debt and retire toxic financing notes on the Company’s balance sheet.
The new equity line and Agreement provides Agritek Holdings with up to five million ($5,000,000) dollars for general corporate and working capital purposes. Pursuant thereto, Agritek Holdings will file a Registration Statement with the SEC to register shares of Common Stock with the right but not the obligation to direct the lender, by periodically delivering a Notice, to purchase shares at an agreed strike price against the equity line for the $5,00,000. The Company will file an 8K with the terms of the financing by Monday, August 5th.
“The increase in funding from $2.5M to $5,000,000 by our banking partner is the result of an agreement and targeted acquisition of a licensed manufacturing operation based in southern California. The terms of the pending acquisition are subject to standard due diligence, definitive agreements and approval of the acquisition by the board of directors of both Companies. Presently, the manufacturing operation has established itself as a leading manufacturer of popular recreational THC brands throughout the state and would represent several million dollars in additional revenue through its acquired subsidiaries,” stated counsel and managing representatives working on the acquisition 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, 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.
Agritek Holdings, Inc.