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Agritek Holdings, Inc. Applauds Passing Of 2018 US Hemp Farm Bill With Company Poised To Monetize Colorado Assets Through Approved Hemp License And Production Partners
LOS ANGELES, CA, Dec. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTC PINK: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced the passing of the US Hemp Farm Bill of 2018 by both the Senate and House.
The U.S. House on Wednesday followed the Senate and approved the 2018 Farm Bill that removes hemp from the U.S. Controlled Substances Act. The House voted 369-47 to agree to a Farm Bill compromise that includes redefining cannabis plants with no more than 0.3% THC. The measure aims to clarify that those low-THC cannabis plants aren’t illegal drugs, which would be the most significant change to the Controlled Substances Act since it was passed in 1971. President Trump now has 10 days to sign or veto the $867 billion bill; his signature is considered almost certain as Congress scrambles to finish its work before this session ends December 21st.
The impact of this legislation on the cannabis industry is enormous. Last year, hemp sales in the U.S. reached $820 million, according to the Hemp Business Journal. That's without hemp being completely legal. These sales have been projected to reach $2.1 billion by 2020 -- and that's not taking into account the passage of the Farm Bill. The Hemp Farming Act includes language that will amend the federal list of controlled substances with regards to hemp. It also removes any federal regulations that keep farmers from growing and selling hemp and allows the farmers to collect crop insurance.
Agritek Holdings will be part of the first groups to benefit from this landmark decision, inclusive of farmers and the states where hemp has already been legislated and identified as a crop with incredible potential to be monetized the raw material and hemp products. Next, are the companies that stand to benefit from focusing their product lines on hemp-derived CBD, which AGTK already producing products can now legally ship nationally.
“This most important legislation in favor of our industry couldn’t come at a more opportunistic time for Agritek Holdings. New management is now poised to take advantage of the roads paved in Colorado by former management to execute on present contracts being negotiated with biomass production and the expansion of our existing brands MD Vapes, Hemp Pops and raw material produced by our farming partners,” stated a spokesperson for Agritek Holdings.
If signed into law by the President, the bill will:
- Remove hemp’s low amounts of THC from the Controlled Substances Act.
- Allow nationwide hemp production, while permitting states to submit individual plans to regulate the crop to the U.S. Department of Agriculture, which will oversee hemp the same as any other agricultural commodity.
- Guarantee interstate commerce for hemp products, including CBD.
The Company plans to file its Quarterly financial report ending September 30th 2018 early next week discussing operations in Colorado, product sales and the continued consolidation and pay off of convertible notes.
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