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Agritek Holdings, Inc. Announces Execution Of Five (5) Year Agreement And Interest In Green Acres Pharm 10,000 Sq. Ft. Cultivation And Manufacturing Facility In Washington State
Agritek Holdings, Inc. Announces Execution Of Five (5) Year Agreement And Interest In Green Acres Pharm 10,000 Sq. Ft. Cultivation And Manufacturing Facility In Washington State.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\n \n \n Agritek Holdings, Inc. Announces Execution Of Five (5) Year Agreement And Interest In Green Acres Pharm 10,000 Sq. Ft. Cultivation And Manufacturing Facility In Washington State\n \n \nAgritek Holdings, Inc. Announces Execution Of Five (5) Year Agreement And Interest In Green Acres Pharm 10,000 Sq. Ft. Cultivation And Manufacturing Facility In Washington State\n \n LOS ANGELES, CA--(Marketwired - Aug 30, 2017) - Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active cannabis real estate investor and branding consultant in the legal cannabis sector, today announced that the Company has executed a five (5) year operational and exclusive licensing agreement with Green Acres Pharm, a 10,000 sq. ft. licensed and operating cultivation and manufacturing facility located in Washington State. Agritek Holdings will help provide additional infrastructure buildout costs for the services of licensing products for the Company in the new manufacturing facility as well as provide equipment lease/financing partners. Under the five (5) year operational contract and licensing agreement, Agritek Holdings will receive revenue in the form of consulting fees, licensing fees on all vaporizer and edible brands, equipment and lighting rental and financing fees. The Company has infused the first $100,000 of funding into Green Acres Pharm at the time of this release with plans for an additional $250,000 over the next months for machinery and equipment. The company will also seek to purchase the cultivation and manufacturing facility as an addition to its present real estate portfolio including Colorado and Puerto Rico.\n In addition to the operational contract which is expected to produce six figures in revenue for the Agritek Holdings, the company will receive licensing revenue for several brands owned by Agritek through existing dispensary retail channels already established through Green Acres Pharms and producing revenue through its existing cultivation operations including oil cartridges, filling machines, vaporizers and edibles.\n B. Michael Friedman, Chief Executive Officer of Agritek Holdings, Inc., stated, \"Washington State is one of the most compliant jurisdictions within the medicinal and recreational cannabis sector. This long term operational contract and licensing agreement executed for the expansio...