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Agritek Holdings, Inc. Announces Update On New Cultivation And Manufacturing Facility In San Juan, Puerto Rico
Agritek Holdings, Inc. Announces Update On New Cultivation And Manufacturing Facility In San Juan, Puerto Rico.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\n \n \n Agritek Holdings, Inc. Announces Update On New Cultivation And Manufacturing Facility In San Juan, Puerto Rico\n \n \nAgritek Holdings, Inc. Announces Update On New Cultivation And Manufacturing Facility In San Juan, Puerto Rico\n \n LOS ANGELES, CA--(Marketwired - Oct 24, 2017) -  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 received approvals from the State Department of Health to transfer its manufacturing and cultivation licenses for its operating partner 1919 Clinic to its new state-of-the-art, San Juan-based facility.\n The new facility contains a total of 15,000 usable square feet that will be the first vertically integrated cannabis operation in San Juan, Puerto Rico that will operate as a cultivation and manufacturing facility, as well as a separate space that can be dedicated to a retail dispensary partner. The GMP facility with approvals 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 holds the option to purchase the leased facility within the next 6 to 18 months and once approved, will receive revenue through rents, infrastructure loans, consulting fees and exclusive brand licensing of its cannabis and CBD brand lines.\n The Department of Health and government of Puerto Rico have recently enacted a new amendment to existing legislation allowing registered patients of the island and from medicinal states to receive medicinal cannabis from any licensed dispensary on the island instead of being tied to a single location as a patient.\n \"There is no question that the current devastation and the population on the island are suffering from strained living conditions in Puerto Rico which will be a long recovery process. However, I am happy to report that our operating and licensed partner 1919 Clinic's move to a new state-of-the-art facility and potential decision to use the warehouse for an ancillary grow operation in the future, all funded by Agritek Holdings, was an intelligent and beneficial move allowing for decreased infrastruct...