LOS ANGELES, CA, Jan. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (OTC PINK: AGTK) www.AgritekHoldings.com, a fully integrated, active cannabis real estate investor and brand licensor for the cannabis sector in the United States and Canada, today announced a partnership with Colorado based cannabis industry veterans and top selling THC infused edibles brand “Mountain High Suckers” to launch the Mountain High edibles line in Puerto Rico through Agritek’s Licensed manufacturing partner, 1919 Clinic.
Mountain High Suckers (www.mountainhighsuckers.com) has established itself as one of the first and most successful lines of infused edibles and sweets within Colorado. With distribution in over 400 locations, the Company through a joint venture partnership with Agritek Holdings, has agreed to become a national player after many successful years and proof of concept for the popular edibles line. Mountain High will be one of the first nationally recognized brands to launch its edibles line in Puerto Rico in partnership with 1919 Clinic as its manufacturer, within a 15,000 sq. ft. GMP facility in the heart of San Juan licensed by the Department of Health in Puerto Rico.
Agritek Holdings believes that cannabis edibles and infused beverages are the future of recreational marijuana consumption, and has paved the groundwork to build the Mountain High brand not only in Puerto Rico, but as a major national player in the market by using its iconic brand name with over 20 tropical flavors, proprietary ingredients with sugar free options, and mainstream consumer appeal.
“The Mountain High Suckers child proof packaging, multiple flavors and branding will be an immediate success for all parties involved in the transaction, especially for new medical consumers and tourists with medical cards across Puerto Rico. The island already boasts 60,000 registered patients, allows tourists from all recreational and medicinal states to participate in medical program and has approved almost 60 active dispensaries looking for name brand, unique and price accessible products. Our GMP facility off the Kennedy freeway in San Juan and relationship with most dispensaries on the island through our licensee 1919 Clinic will allow us leverage and build a consumer-accessible cannabis brand that will command distribution in every dispensary in the territory and expand nationally," stated Suneil Singh Mundie, Interim CEO of Agritek Holdings .
The initial Mountain High Suckers line will consist of multiple tropical and delicious THC-infused flavored suckers, candies, with sugar free options with expansion by 1919 Clinic into additional edibles, flavored resins and vape. Each sucker will contain 5mg to 10mg of THC along with a proprietary Mountain High ingredients, and will be retail-priced in the competitive range of $5-$6 per single serving. Future extensions into brownies/cookies, gummies, and other formats are expected to be released by the second quarter.
According to “The Tasty Future of Cannabis Edibles” released by ArcView Market Research and in partnership with BDS Analytics, cannabis edibles spending reached $1.4 billion by 2018 and sales are on track to bring in more than $4.1 billion by 2022. But that number could prove to be just a fraction of its potential now that major consumer packaged goods companies are entering the industry.
Agritek Holdings will continue increasing revenue through its’ 360-degree approach, from funding our licensee growing operations to its own cannabis and extracting properties operated by 1919 Clinic to developing and manufacturing a full line of products that include edibles, extracts, vape pens and more.
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 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. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding expected timing of the filing of the Annual Report on Form 10-Q for the quarter ended June 30, 2018. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to timely file our requisite filings with the Securities and Exchange Commission, our ability to meet the continued listing requirements of the OTC Market, our ability to expand leadership activities in support of our sales, our ability to continue to grow, our ability to integrate the entities that we have acquired, our ability to strengthen our internal controls and the other risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017 and our other filings with the SEC, including subsequent reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Agritek Holdings, Inc.