Agritek Holdings Inc. Announces Immediate Plan for Return to Fully Reporting Status and Additions to Management Team
Agritek Holdings, Inc (OTC PINK: AGTK) has announced plans to finalize its 10K Annual Report and Quarterly reports for 2019 and 2020, aiming to regain fully reporting status this month. The company is optimistic about future growth opportunities in the cannabis sector, bolstered by recent legislative changes. A joint venture with Biomedican will enable Agritek to produce low-cost, pharmaceutical-grade CBG/CBGA cannabis compounds, with bulk shipping expected in late 2021. Effective legal and strategic measures are in place to ensure compliance and capitalize on the cannabis market.
- Expected completion of 10K and quarterly reports enhances transparency.
- Joint venture with Biomedican for low-cost CBG/CBGA production.
- Potential growth in cannabis sector due to favorable legislation.
- Delay in filings raises questions about past management practices.
LOS ANGELES, CA / ACCESSWIRE / February 9, 2021 / Agritek Holdings, Inc. (OTC PINK:AGTK), a fully-integrated, active real estate investor and provider of popular hemp brands including RehabRx™, today announced that the Company is expected to complete required filings of its 10K Annual Report and Quarterly reports for 2019 and 2020 this month after final review and approval by its auditing firm, M&K CPAS PLCC. The Company has retained both legal and strategic advisors within the last month to ensure that it returns to up-listed status of a fully reporting company as soon as possible.
"Upon returning and up-listing as a fully reporting company, I believe Agritek Holdings will have multiple opportunities to grow our existing businesses within the cannabis sector and potentially entertain larger acquisitions with the help of our newly appointed advisory counsel and additions to our Board of Directors to be announced shortly. With a new majority Democratic Congress and recent legislative proposals favorable to the cannabis sector in the pipeline, we are excited to continue our renewed business strategy with increased transparency and credibility," stated B. Michael Friedman, CEO of Agritek Holdings. "It took a tremendous amount of time and all of our effort and attention to complete our delinquent filings due to multiple corporate actions both proposed and pending, the COVID pandemic and limited access to corporate operations, and we are now ready and able to fully focus on our return to up-listed status and new deals in front of us," continued Friedman.
The Company recently announced it has executed a joint venture agreement through its wholly owned subsidiary Full Spectrum Biosciences with Biomedican and its biosynthesis platform for the production of CBG/CBGA cannabis compounds. Biomedican, is a California-based biotech company designing patented low-cost methods of growing high-value compounds at scale with proprietary yeasts. The Company recently announced it has successfully biosynthesized rare cannabinoid CBG/CBGA and is setting up large-scale production of its pharmaceutical-grade CBG/CBGA compounds, containing zero toxins and contaminants, and is 75
CBG naturally occurs at such trace amounts during the standard agricultural or cultivation process that it remains challenging to manufacture economically with high purity levels. The Company will now seek to produce high-purity, pharmaceutical-grade, toxin- and contaminant-free, low-cost CBG/CBGA at scale via biosynthesis. This process results in products that are high-quality, consistent, and bioidentical to the molecules found in nature, which is crucial to large-scale distribution.
CBG/CBGA is a non-psychoactive cannabinoid, with early research suggests it has a range of bioactive properties in the body, including anti-inflammatory, antimicrobial and antioxidant functions. The known health benefits of CBG/CBGA include fighting inflammation, pain and nausea, as well as working to slow the proliferation of cancer cells. There is a significant amount of evidence that CBG/CBGA will be as impactful to the health and wellness market as CBD has become around the world.
Neither Full Spectrum Biosciences or Biomedican touch the plant or produce THC or any other psychoactive ingredients at any point in time during its biosynthesis process. According to legal opinion, Biomedican is outside of federal regulations, since the current regulations center around touching the plant or producing THC. This will allow the company to distribute CBG/CBGA into a wide variety of channels, including nutraceuticals, food/beverage, personal care/lotions, and cosmetics.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., is a fully integrated, active real estate investor and advisor of white label brands 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 real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly owned subsidiary which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online as well as approved for sale on Amazon, currently being sold in the United States and parts of Canada. 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.
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. Agritek Holdings Inc. undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and AGTK's actual results could differ materially from those anticipated in these forward-looking statements.
Contact:
Agritek Holdings, Inc.
www.AgritekHoldings.com
305.721.2727
SOURCE: Agritek Holdings, Inc.
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FAQ
When will Agritek Holdings file its 10K report?
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