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Agritek Holdings, Inc. Announces Purchase And Transfer Of Tier One Recreational License For Colorado On Behalf Of Approved Partner Licensee With Existing Cannabis Operations
Agritek Holdings, Inc. Announces Purchase And Transfer Of Tier One Recreational License For Colorado On Behalf Of Approved Partner Licensee With Existing Cannabis Operations.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\n\n Company Expands Operations In Colorado On Heel Of New Deal With President Trump And Senator Cory Gardner Clearing Way For Colorado Medical And Recreational Cannabis\n LOS ANGELES, CA, April 26, 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 has entered an agreement to purchase a tier one recreational license on behalf of its approved licensee for the state of Colorado allowing the operation to grow up to 1600 plants once the transfer is approved for its existing farm operations. Agritek will receive revenue only as a consultant and compliance arm to the operation and license transfer to its licensee. The Company has decided to escalate its presence in Colorado due to recent advancements for national cannabis legislation in which President Trump and Colorado Senator Cory Gardner negotiated a groundbreaking deal on behalf of Legalized Marijuana. President Trump stated he will support congressional efforts to protect states that have legalized marijuana according to the Cannabis Business Times and major news sources. Recently, President Trump is said to have promised Senator Gardner that he will support congressional efforts to protect states that have legalized marijuana. In a phone call late Wednesday, Trump told Gardner that despite the DOJ memo, the marijuana industry in Colorado will not be targeted, the senator said earlier this month. In addition, The Company is pleased to announce new legislation under the form of BILL HB18-1011 now being proposed allowing marijuana businesses based in Colorado to allow publicly traded companies to participate as owners in cannabis operations within the state. The bill redefines the terms 'direct beneficial interest' and 'permitted economic interest' so that only those who own more than 5% of the shares of stock in a marijuana business have to go through the disclosure and background investigations. The bill repeals the provisions that require limited passive investors to go through an initial background check. The bill repeals the provisions that limit the number of out-of-state direct beneficial owners to 15 persons. The bill repeals the provision that prohibits publicly traded enti...