LOS ANGELES, CA--(Marketwired - Jun 29, 2017) - Agritek Holdings, Inc. (
Agritek Holdings will provide the licensing and packaging to produce the exclusive line of premium pre-rolls to be distributed through its permitted manufacturer and collective with distribution being negotiated to multiple dispensaries throughout Southern California with limited franchises available to licensed entities in Nevada and Colorado. AGTK will receive a flat fee of $3.00 per box with for licensing and packaging of the exclusive brand.
Additionally, the Company is pleased to announce the recent consolidation of approximately $200,000 in debt on the books to its primary banking partner which it believes will reflect increased value in its common stock with less lenders converting discounted notes.
"We are extremely excited to begin the launch of some of our innovative product lines we have been working on and anticipated releasing to patients and recreational consumers over the last few months. California Premiums (www.Calipremiums.com), are in the final stages of approvals for distribution starting in California with limited franchise partners in Colorado and Nevada. We wanted to make sure our production and manufacturing process was consistent by our partners, and our supply chain for our licensed distributors on behalf of the brand could meet demand," stated B. Michael Friedman, CEO of Agritek Holdings Inc. "On another note, the consolidation of debt in the amount of $200,000 to our primary lender, in my opinion, will do much to alleviate the constant pressure put on our common stock in recent trading. With the continued development of our properties and the release of our unique brands gaining market share in multiple jurisdictions, we hope to soon be noticed as a fast mover with our primary goal being to ensure that our marketplace truly reflects all of our recent accomplishments and assets as a meaningful Company within the cannabis sector," further stated Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., (www.AgritekHoldings.com) a pioneer within the medicinal marijuana space, provides innovative technology, brands and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns or manages property 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 MD Vapes, MicroDose Strips, "Hemp Pops" 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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3152912