LOS ANGELES, CA–(Marketwired – Apr 20, 2017) – Agritek Holdings, Inc. (OTCQB: AGTK) today announced that the Company has entered into an initial residential and land purchase agreement to purchase a “420 Style” resort and estate property approximately one hour outside of Quebec City, Canada. The fifteen-acre estate consists of nine (9) unique guest suites, horse stables, is within walking distance to a public golf course, which Agritek Holdings will also have ownership in for guests staying at the resort. A separate structure will serve as a small grow facility run by patient employees and caretakers on the property and may be toured by guests of the facility.
As stated by the Washington Post, the government of Canada last Thursday released a plan to legalize recreational marijuana use across the country by July 2018. With a solid Liberal majority in government, the plan is widely expected to become law, but it would leave the details of implementation, including commercial regulations, to individual provinces. Marijuana legalization was a campaign promise of Prime Minster Justin Trudeau. The bill needs to be approved by Parliament, but Trudeau’s Liberal Party commands a solid majority there. The measure has also received support from the country’s Conservative Party.
The legislation, titled “An Act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts,” would set a minimum age of 18 to purchase and use marijuana. That’s lower than the drinking age of 19 in most provinces. It’s also a departure from the norm in the United States, where states that have legalized recreational marijuana use have set the minimum age at 21.
Individuals would be allowed to possess up to 30 grams of marijuana for personal use, similar to the one-ounce standard in U.S. states where marijuana use is legal. Households would also be allowed to grow up to four marijuana plants.
While the bill would remove penalties for individual use and possession, it wouldn’t set up a nationwide system for selling marijuana commercially — those details would be left to individual provinces. In provinces that decline to set up a commercial framework, customers could order marijuana online from a federally licensed producer.
The bill would make Canada the second country in the world, after Uruguay, to fully legalize recreational marijuana use. Legal marijuana in Canada, one of the United States’ strongest allies, could be a game changer for domestic marijuana policy discussions in the states, with eight states and the District of Columbia now legalized recreational marijuana.
B. Michael Friedman, Chief Executive Officer of Agritek Holdings, Inc. stated, “What Canada is now passing through legislation, I hope the model proves out to move our country in the same direction. We have come up with an incredible opportunity to own this magnificent resort outside of Quebec City. The resort is only an hour and a half by plane from New York City as well. With nine existing guest rooms, horse stables and golf in a cannabis friendly atmosphere, we feel this new, one of a kind property acquisition will be a tremendous addition to our real estate portfolio already including Colorado and Puerto Rico, and Agritek will be the first to own a cannabis resort of its kind in Canada. Closing of the property will take place next quarter with rooms becoming available before year-end. Guest rooms will start at $299 per night with medicine included amongst all of the other amenities.”
Agritek Holdings recently announced the Company now trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. To qualify for the listing, companies must be current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com/stock/AGTK/quote.
“Our upgraded listing and further acquisition of major real estate assets and contracts will most certainly open the door to additional institutional investors, market makers and a wider range of small investors and new shareholders who were not previously able to buy and sell shares of our Company. Now they may execute on unsolicited orders and also make recommendations to clients as they so choose. Meeting the increased compliance and information requirements of OTCQB sets us apart from more of the other companies within our sector, providing our investors greater confidence in the information disclosed by the Company and ensures our commitment to accountability and transparency and a future leader in this sector,” further added Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., (www.AgritekHoldings.com) a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns property in Colorado approved for cultivation as well as manufacturing capabilities through California partnerships and owns several Hemp and cannabis brands for distribution including “Hemp Pops” 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.