LOS ANGELES, CA, Oct. 30, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Agritek Holdings, Inc. (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 completed its initial harvest of several thousand pounds of high CBD hemp from its active partnership and farming operations within Fort Collins, Colorado.
The Company further announced that it has signed an agreement with Industrial Hemp Partners of Colorado for the manufacturing of several thousand pounds of organic biomass into crude oil to be used for multiple hemp infused products. All hemp material produced through the Company’s licensed partnerships are compliant with federal regulations and do not exceed 0.3% THC.
“Agritek Holdings believes it has finally turned the corner through a successful investment within a hemp cultivation project yielding hemp biomass to be sold as extracted oil, raw material, and smokeable flower creating first meaningful revenue for the Company,” stated Michael Friedman, founder of Agritek Holdings Inc.
The Brightfield Group predicts the smokeable hemp flower market is projected to be worth $70.6 million this year, jumping from $11.7 million in 2018.
With the recent coverage of vaping illnesses and harmful effects of consuming e-liquids and tobacco, Agritek Holdings will continue to expand its real estate ownership and leasing programs to licensed professionals to produce only the highest quality, and scientifically tested CBD rich hemp through Certificates of Analysis (COA) and create revenue through the sale of raw materials including biomass, crude, distillate and smokeable strains on behalf of farm partnerships within regulated jurisdictions. The Company will additionally continue to produce its new white label and retail brands.
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.