LOS ANGELES, CA, March 08, 2018 (GLOBE NEWSWIRE) — Agritek Holdings, Inc. (OTCQB:AGTK) (“the Company”) (www.AgritekHoldings.com) a fully integrated, active cannabis real estate investor and branding consultant in the legal cannabis sector, today announced that the Company has received its first purchase order for 10,000 MD Vape cartridges (www.MDVapes.com) from a licensed California based facility. Agritek Holdings will be the exclusive provider for cartridges and provide filling machines for the new private labeled line to be sold exclusively within the California recreational marketplace. Agritek will receive royalties on the private labeled brand through its MD Vapes division separate and apart from the cartridge, vaporizer batteries and filling machine purchase orders.
The MD Vape innovative cartridge synthesizes herbs for use in a personal portable vaporizer devices. The liquefied, active ingredients from the herbs are injected into disposable cartridges and vaporized using technology in the electronic vaporizer, herbal or medicinal industries. The MD Vape delivery system for herbal remedies and medicine is incredibly efficient, delivering desired results in minutes, and at much higher concentration levels than traditional or existing technology for herbal medicines.
The MD vape pen and cartridge features a stainless-steel tip, a quartz glass tank with a ceramic wick, specialized coil, and the ability to regulate airflow. The combination of quality cannabis oil coupled with the premium delivery system provides the consumer with a distinctly rich vaping experience.
“I am extremely pleased that multiple Agritek product lines are being immediately accepted and gaining traction within the California marketplace, which I believe will be the largest cannabis consumer market in the US. Our California Premiums pre roll brand are now being mass produced by licensed facilities and taken on by dispensaries and delivery services. Now, our proprietary MD Vape line cartridges and filling systems for CBD and THC oils are just beginning new revenue streams on our strategic development and acquisitions of brands. Our vision as the first 360 degree model within the cannabis sector of owning the land and licensed building facilities, funding the licensees in multiple jurisdictions cultivating consistent product and creating brands for the end user and consumer under a royalty model as revenue is finally coming to fruition. We will continue to create a larger footprint in California, Colorado, Puerto Rico and Washington State through our strategic equity investments”, stated B. Michael Friedman, CEO for Agritek Holdings.
According to a report by Hexa Research, the U.S. medical cannabis market is projected to reach $19.48 billion by 2024. The anticipated growth is driven by the intensifying acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain. Symptoms and conditions that may be treated with cannabis products include, cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis. According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024. An important and expanding segment of the legal cannabis industry is the CBD market. Forbes reported that according to Matt Karnes of Greenwave Advisors, the CBD market is expected to reach the $3 billion mark by 2021. Currently, 15 states that allow CBD only – this is in addition to the 28 states plus DC that have legalized medical cannabis. A report by Research and Markets explains that one of the major drivers for this market is Health benefits of CBD oil. Cannabis-based CBD products have a relatively high content of THC compared with hemp-derived CBD products. As a result, cannabis-based CBD products can be used only when they are prescribed by doctors for medical purposes.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is an active real estate investor and brand consultant in the legal cannabis industry. Our focus is building and supporting a diversified portfolio of cannabis zoned land and growth-ready brands in high-value segments of the cannabis sector, including our real estate portfolio, consumer brands, technology and intellectual property. Our management team combines years of experience within the cannabis industry with seasoned financial know-how, assembling a portfolio of land holdings, brands via royalty agreements, equity interests, licensing agreements and its own brands. Agritek Holdings, Inc. presently owns or manages property in Colorado, Puerto Rico, Washington State 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 MD Vapes, MicroDose Strips, “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.
Agritek Holdings, Inc.