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Agritek Holdings, Inc. Announces Filing Of Form 10-Q Report With Return To Fully Reporting Status On OTCQB And Update To Shareholders
Agritek Holdings, Inc. Announces Filing Of Form 10-Q Report With Return To Fully Reporting Status On OTCQB And Update To Shareholders.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\nLOS ANGELES, CA, Sept. 18, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced that the company has filed its 10Q Report for the period ending June 30, 2018 including reporting financials for the second quarter (Q2) for 2018. The Q2 filing will now allow AGTK to return to fully reporting status and uplisting back to the OTCQB.\n B. Michael Friedman, CEO of Agritek Holdings, Inc., stated, \"As most companies within the cannabis sector understand, growth consumes cash, so we are always facing the tough decision of how to best apply the limited resources we have. Overall, we believe we are heading in the right direction and will continue striving to increase our shareholder value over the near term.\" The Company as part of its debt consolidation plan initiated before December 2017 reduced derivative liabilities by 100% from 5.4 million to 2.3 million (approx.) an estimated $3M referred to as \"toxic notes\" by management. \"There are two methods to remedy this negative position—one is to bring in new and friendlier capital sources, and the other is to continue growing our revenue and assets. By eliminating multiple lenders and notes with one favorable lender we create less pressure on our common stock price.  At the same time, by increasing assets and making substantial investments in our partner properties and licensees through debt consolidation financings, as well as increasing products and inventory for future revenue,  we remain steadfast in our commitment to executing both of these strategies simultaneously,” further stated Friedman. The Company also increased net revenue to 1.2M (aprox.) Agritek Holdings invites all shareholders and the investment community at large to view its filings at https://www.otcmarkets.com/filing/conv_pdf?id=12966562&guid=QhlZUpUTl8S0kyh and to subscribe to its mailing list on its corporate website, www.AgritekHoldings.com, to remain apprised of all relevant news and updates. 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...