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Agritek Holdings, Inc. Announces Plans For Purchase Of New 15,000 Sq. ft. Cultivation And Manufacturing Facility In San Juan, Puerto Rico With Partner 1919 Clinic
Agritek Holdings, Inc. Announces Plans For Purchase Of New 15,000 Sq. ft. Cultivation And Manufacturing Facility In San Juan, Puerto Rico With Partner 1919 Clinic.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\n\n LOS ANGELES, CA, March 15, 2018 (GLOBE NEWSWIRE) -- Agritek Holdings, Inc. (OTCQB: 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 plans to purchase the 15,000 sq. ft. cultivation and manufacturing facility under lease contract on behalf of its’ licensee 1919 Clinic once final approvals from the State Department of Health are received.\n The new state-of-the-art, San Juan-based facility contains a total of 15,000 usable square feet that will be the first vertically integrated cannabis operation in San Juan, Puerto Rico and will operate as a cultivation and manufacturing facility, as well as containing a separate space that can be dedicated to a retail dispensary partner. The GMP facility with conditional approvals in place by the government has additional plans to use a minimum 2,500 sq. feet of existing office space to act as hourly offices for doctors and attorneys to approve patient recommendations and streamline the approval for the thousands of patients now awaiting certifications. Agritek presently holds the option to purchase the leased facility within the next 6 to 18 months once approved and operational. Agritek has presently invested over $200,000 in the licensed partner 1919 Clinic including extraction and processing equipment, lighting, security and rents in preparation for the operation to begin its first cultivation by summer. Agritek will receive revenue through rents, infrastructure loans, consulting fees and exclusive brand licensing of its cannabis and CBD brand lines as well as maintain a 30% interest stake in the operation through its five (5) year operational agreement. \"Much of the sector has focused on Colorado and California for some time with recently enacted recreational markets and forming legislation projected to be the largest in the markets in the country. Agritek Holdings has a large footprint within those states already with its’ Pueblo, Colorado based Hemp research farm to be cultivating full spectrum hemp oil and isolate for the pharmaceutical industry by summer. The Company is also manufacturing brands “California Premiums” (www.Calipremiums.com) pre rolls and “Hemp Pops” a 25 mg full spectrum oil Hemp lollipop (...