LOS ANGELES, CA, Feb. 04, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector, today announced that the Company has entered into an agreement to acquire for a sale lease back its first cannabis zoned industrial property located in Pompano Beach, Florida. The 15,000 sq. ft. building originally zoned as a licensed methadone clinic, has met initial zoning approval as the first property within the Florida municipality for licensed cultivation or manufacturing operation. Agritek Holdings will acquire the property from a Maryland based Real Estate Investment Trust now partnered with the Company for future property acquisitions within the sector.
Agritek Holdings Inc., with real estate footholds in Colorado, California and Oregon, will seek to fund future real estate properties and development projects within an initial pipeline of properties for sale and leaseback as well as right-of-first-refusal Letters of Intent and contract offers until June 31, 2022.
“The rental income and advisory services proceeds generated from our newly expanding real estate portfolio will be utilized to create long-term shareholder value through the build out of our acquisition efforts to further expand our footprint within the cannabis sector,” stated B. Michael Friedman, interim CEO of Agritek Holdings.
This sale-leaseback transaction will mark Agritek Holdings’ first proposed property acquisition and leaseback transaction this year, with additional proposed transactions for GMP facilities in both California and Oregon expected to be completed upon additional funding of its real estate division.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor 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 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.
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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