Agritek Holdings, Inc. Announces Execution of Long Term Lease Agreement of Additional 40 Acres in Colorado and Receives Approval for Non-Federal Water Rights Contract for New Colorado Recreational Cannabis Agricultural Facility
LOS ANGELES, CA — (Marketwired) — 07/11/14 — Agritek Holdings, Inc. (AGTK) (http://www.Agritekholdings.com) (OTCQB: AGTK), a fully reporting company on the OTCQB and leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced that the Company has executed a long term lease agreement of an additional 40 acres in Pueblo, Colorado now bringing total land holdings in the country’s first recreational cannabis state to over 120 acres zoned for its planned agricultural and cultivation facility located in Pueblo County, Colorado. The Company has additionally executed a long term non-federal water rights contract for 10 years, renewable for an additional ten years by one of the state’s largest privately owned water Company to ensure non-interruption of operations on behalf of new tenants qualified as fully registered and licensed grow and manufacturing operations.
Agritek Holdings, and its’ wholly owned subsidiary MediSwipe following recent featured coverage in The Wall Street Journal as the “Deal of The Week” highlighting the Company’s commercial real estate and business strategy within the regulated medicinal marijuana and recreational market of Colorado, is now within the engineering and planning phase of the project with the county. The Company will sublease individual parcels of the 40 acre managed and secure agricultural facility to fully-licensed and compliant growers and dispensaries within the regulated medicinal and recreational market throughout the entire state of Colorado. Agritek Holdings will receive rents and management fees including providing and constructing greenhouses from 10,000 to 100,000 square feet, and further provide infrastructure, water, electricity, equipment leasing and security services. The Company already has several tenants under LOI for the state of the art facility.
“A key component to our roll plan of this facility was to find the right location, partners and most importantly, long term non-federal water contracts on behalf of our Company, facility and tenants. There are several municipalities shutting down licensed growers and manufacturers within the state for unauthorized use of water and of course, the use of federal water sources are prohibited for this sector. It has always been our strategy to take a slow and steady approach to our business models to ensure compliancy and minimal roadblocks as our first land leases and management contracts now coming in are further proof and meaningful validation of a sustainable revenue model within this sector. Our scalable model will allow us develop a long term strategy of building a real property asset portfolio in key jurisdictions including Washington State and Nevada now under discussion,” stated B. Michael Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), the first fully reporting Company and pioneer within the medicinal marijuana space provides innovative patient and agricultural solutions seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including beverages, vaporizers and accessories under the Mont Blunt™ brand (www.montblunt.com). Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate 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.
Source: Agritek Holdings, Inc.