Source: Agritek Holdings, Inc. Press Release 12.2.14
Company Closes Real Estate Purchase of 3.2 Acres in Apex Industrial Park and to Begin Construction and Management Contract of 40,000 Sq. Ft. for Approved Cultivation Facility in North Las Vegas on Behalf of New Licensee My Life Organics
LOS ANGELES, CA–(Marketwired – December 02, 2014) – Agritek Holdings, Inc. (OTCQB: AGTK) (or the “Company”) (www.Agritekholdings.com), a fully reporting company on the OTCQB and leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced that the company’s wholly owned subsidiary, Agritek Venture Holdings, Inc. (“AVHI”), has closed the real estate purchase of 3.2 acres in Apex Industrial Park labeled as Nevada’s “Green Zone” in a cash transaction for the amount of $225,000 on behalf of one of the first provisional licenses for cultivation in Nevada and its exclusive tenant My Life Organics. The property in partnership with My Life Organics has been approved as one of the first provisional licenses to cultivate medicinal marijuana with plans for the Company and AVHI to build and manage a 40,000 sq. ft. facility in Clark County.
AGTK Advisory Board Member Mr. Neal Bartoletta, who initiated the licensing and legal process on behalf of My Life Organics, received final approval and notification by the state earlier last month. AVHI who has purchased the land and will hold title and the Company will build out the 40,000 sq. ft. facility on behalf of My Life Organics and receive monthly rent based on a percentage of gross revenues. Completion of the project is expected to take approximately four months for the facility to be operational.
“This facility will be one of the first of its kind in operation under the new Nevada legislation and will provide the North Las Vegas community with construction, agricultural and technology jobs through building one of the state’s most sophisticated and secure cultivation facilities producing the most consistent supply of medicinal products on behalf of approved patients in the area,” stated B. Michael Friedman, CEO of Agritek Holdings.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), the first fully reporting Company and pioneer within the medicinal marijuana space provides innovative patient and agricultural solutions seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including vaporizers and accessories under the Mont Blunt™ brand (www.montblunt.com). Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein.
Source: Marketwired (Canada) (December 2, 2014 – 9:28 AM EST)