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Agritek Holdings, Inc. Announces Recreational Cannabis Now Legal in Canada as Company Opens First Hospitality and Leisure Resort Catering to Country
LOS ANGELES, CA, Oct. 17, 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 as of 12:01 a.m. Wednesday, adults will be allowed to carry and share up to 30 grams of legal marijuana in public, throughout Canada, according to a bill that passed the Senate in June. The new regulations are now official as of today Wednesday, Oct. 17, making adult use of cannabis legal in all parts of Canada, with specific regions maintaining authority to adjust the rule in certain ways. Pot stocks surged on the news. Tilray Inc. popped 11.69% on Monday, Canopy Growth Corp. rose 14.24%, Medmen Enterprises Inc. rose 9.59% and Aurora Cannabis Inc. rose 11.03%
Canadians will also be allowed to cultivate up to four plants in their households and make products such as edibles for personal use. Consumers must be at least 18 years old, and the production, distribution or sale of cannabis products is an offense for minors. The supply of recreational marijuana could be limited at least early on in some stores.
B. Michael Friedman, CEO of Agritek Holdings, Inc., stated: “We believe that Agritek Holdings operates the first “Bud and Breakfast type model outside the province of Quebec, being the first to approach the cannabis industry through a hospitality model. The nine bedroom, 15 acre facility with golf course, horseback and fishing along with chef classes for cannabis cuisine is the first of its kind in the country. There is no cannabis sold or provided on the property, however, cannabis products may be ordered through approved government vendors and delivered via next day post directly to the resort for its guests that qualify and make arrangements through our concierge during their stay. Reservations starting in 2019 are now available at the largest online travel portals including Expedia and Booking.com referencing the property address at www.26Rueking.com.”
Additionally, Agritek Holdings is in the process of moving corporate offices to Canada and created a wholly owned subsidiary to take advantages of acquisition targets with the new deregulation of cannabis within the country. The Company presently manages manufacturing and cultivation properties in Puerto Rico and Colorado as well.
Canada was the second country in the world, and the first G7 nation, to implement legislation permitting a nationwide marijuana market. In December 2013, Uruguay was the first county to legalize the production, sale and consumption of marijuana.
The Canadian legislation, known as the Cannabis Act, stems from a campaign pledge of Prime Minister Justin Trudeau to keep marijuana away from underage users and curb marijuana-related crime. Legalizing cannabis is expected to create an industry worth more than $4 billion in Canada
Nine states in the United States and the District of Columbia now allow recreational marijuana use. Medical marijuana is legal in some form in 30 states, according to the National Conference of State Legislatures.
The pot industry took in nearly $9 billion in sales in 2017 in the United States, according to BDS Analytics. The revenue from those sales is equivalent to the entire snack bar industry as reported by CNN's Mary McDougall, Madison Park and Bani Sapra.
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=QhlZUpUTl8S0kyhand 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 provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including "Hemp Pops", Hemp oil wellness products and "California Premiums". Agritek Holdings, Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene 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. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding expected timing of the filing of the Annual Report on Form 10-Q for the quarter ended June 30, 2018. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to timely file our requisite filings with the Securities and Exchange Commission, our ability to meet the continued listing requirements of the OTC MKT, our ability to expand leadership activities in support of our sales, our ability to continue to grow, our ability to integrate the entities that we have acquired, our ability to strengthen our internal controls and the other risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017 and our other filings with the SEC, including subsequent reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
CONTACT: Contact: Agritek Holdings, Inc. www.AgritekHoldings.com 305.721.2727 firstname.lastname@example.org