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Agritek Holdings, Inc. Announces Execution Of Sale and Purchase Transaction Of Cannabis Friendly Resort In Quebec, Canada As New Recreational Regulations For Country Are Approved
Agritek Holdings, Inc. Announces Execution Of Sale and Purchase Transaction Of Cannabis Friendly Resort In Quebec, Canada As New Recreational Regulations For Country Are Approved.
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[{"type":"text","content":"\n \n \n Agritek Holdings, Inc. Announces Execution Of Sale and Purchase Transaction Of Cannabis Friendly Resort In Quebec, Canada As New Recreational Regulations For Country Are Approved\n \n \nAgritek Holdings, Inc. Announces Execution Of Sale and Purchase Transaction Of Cannabis Friendly Resort In Quebec, Canada As New Recreational Regulations For Country Are Approved\n \n LOS ANGELES, CA--(Marketwired - May 25, 2017) - Agritek Holdings, Inc. (OTCQB: AGTK) (www.AgritekHoldings.com) today announced that the Company has executed a land purchase agreement to purchase a \"420 Style\" resort and estate property approximately one hour outside of Quebec City, Canada. The fifteen-acre estate consists of nine (9) unique guest suites, horse stables, and is within walking distance to a public golf course, which Agritek Holdings will also have ownership in for guests staying at the resort. A separate structure will serve as a small grow facility run by patient employees and caretakers on the property which may be toured by guests of the facility.\n B. Michael Friedman, CEO for Agritek, stated, \"The medical marijuana market in Canada right now is about $200 million a year. It's projected to grow up to $1.2 billion in four years. And by that time, the recreation model is supposed to be $5 billion to $7 billion.\"\n The new Canadian legislation, titled, \"An Act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts,\" would set a minimum age of 18 to purchase and use marijuana. That's lower than the drinking age of 19 in most provinces. It's also a departure from the norm in the United States, where states that have legalized recreational marijuana use have set the minimum age at 21.\n Individuals would be allowed to possess up to 30 grams of marijuana for personal use, similar to the one-ounce standard in U.S. states where marijuana use is legal. Households would also be allowed to grow up to four marijuana plants.\n While the bill would remove penalties for individual use and possession, it wouldn't set up a nationwide system for selling marijuana commercially -- those details would be left to individual provinces. In provinces that decline to set up a commercial framework, customers could order marijuana online from a federally licensed producer.\n The bill would make Canada the secon...