Agritek Executes First Long-term Lease Agreement
Ryan Allway
October 21st, 2014
News, Top News
Agritek Holdings, Inc. (AGTK) (http://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 has approved the first of several long term tenant leases on behalf of licensed operators and grow operations for its Colorado agricultural facility located in Pueblo, Colorado. The leases consisting of three and five year terms will allow licensed recreational cultivation tenants to utilize the first forty acres of the cultivation campus owned and operated by Agritek Holdings. Approved leases and plans for engineering of the first two of 20 green houses of approximately 10,000 sq. feet are expected to begin the construction process in November or December of 2014.
The Company is additionally pleased to announce it has entered negotiations with a private financing institution for the amount of ten million ($10,000,000) in financing to complete the required infrastructure costs of all construction of “turnkey” greenhouses on behalf of tenants including erection and construction of greenhouse structures, lighting, fencing and security requirements. The company plans to enter a Letter Of Intent for the first funds up to ten million dollars within the next seven to ten days. The funding will consist of approximately $1.2 million in cash with the balance in financed equipment leasing contracts. The Company expects that $1 million of the cash component will be utilized as part of the purchase of a total of approximately 300 acres in Pueblo County, Colorado, making Agritek Holdings one of the largest public cultivation land management companies to tenants and University studies. Additionally, $200,000 will be utilized for paying in full the balance owed on the 3.5 acre plot within the Nevada “Green Zone” located north Las Vegas, Nevada where the Company has also entered a land purchase contract.
“It is with great pleasure that we are announcing the forward progress on our land projects in Colorado and Nevada. We believe we have found the most reliable and financially sound partner to act as a financing arm for all of our agricultural projects with a proven track record of these type of operations and equipment financing options with ties to the agricultural sector globally. We look forward to proving to each state we manage and own agricultural operations in, that we will choose responsible and consistent licensed cultivation specialists in each legal jurisdiction,” stated B. Michael Friedman, CEO of Agritek Holdings Inc.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), a 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 through its’ wholly owned subsidiary Prohibition Products Inc. 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.
FORWARD-LOOKING DISCLAIMER:
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.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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