Agritek Holdings, Inc. (OTC Pink: AGTK) operates primarily as an investor in the cannabis industry. Shares surged 55.17% through early trading on Friday, December 28, 2018. Over the past month, Agritek has seen an average daily volume of 18,378,658 shares. However, through Friday morning, already 28.26 million shares have traded hands, equating to $127,100 in dollar volume.
Shares jumped Friday morning after Agritek announced it has received its first purchase orders for bulk and wholesale production of its MD Vapes brand. The MD Vapes feature “high CBD broad spectrum distillate oils with no traceable amounts of Delta 9 THC.” In addition, certain impurities such as waxes, fatty acids, and chlorophyll are removed during the distillation process. MD Vapes will be sold as a white label brand to Agritek’s partners operating across a variety of industries. Suneil Singh Mundie, Interim CEO of Agritek, commented, “Our new management team at Agritek Holdings will work closely with our new customers for the MD Vape brand as well as our other proprietary brands now coming to mass markets as we enter the global cannabis industry at a low valuation in my opinion, and position ourselves for robust sales and success.” Here is the full press release detailing MD Vapes and their recent purchase order:
Agritek Holdings, Inc. Press Release:
LOS ANGELES, CA, Dec. 28, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Agritek Holdings, Inc. (OTC PINK: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced the first purchase orders for bulk and wholesale production and sales of the Company’s MD Vapes (www.mdvapes.com) brand. The MD Vape brand will be known for its unique high CBD broad spectrum distillate oils which contain no traceable amounts of Delta 9 THC and is derived from our Colorado partners licensed to sell registered industrial hemp. As CBD vape grows in massive popularity, demand for high quality CBD vape products is expected to explode.
The MD Vape brand will contain, CBD, CBG, CBN, CBC, CBDV, and will be created through a distillation process that removes not only THC, but also destabilizing impurities including waxes, fatty acids, and chlorophyll. The product will also be sold as a white label brand by the kilogram and is available immediately for delivery to our partners and companies in the nutraceutical, vape, cosmetic, pharmaceutical, personal care, and medical cannabis industries who demand a product of the highest efficacy with no traceable amounts of THC.
“Our new management team at Agritek Holdings will work closely with our new customers for the MD Vape brand as well as our other proprietary brands now coming to mass markets as we enter the global cannabis industry at a low valuation in my opinion, and position ourselves for robust sales and success,” stated Suneil Singh Mundie, Interim CEO of Agritek Holdings.
Last week, President Donald Trump signed the 2018 Farm Bill—which legalized industrial hemp after decades of the crop being caught up in broader cannabis prohibition—into law.
This signing ceremony represents the culmination of a months-long debate over various provisions of the wide-ranging agriculture legislation. But after the House and Senate Agriculture Committees reconciled their respective versions, the final Farm Bill easily passed in full floor votes last week. Hemp is explicitly removed from the list of federally banned drugs under the Controlled Substances Act.
Hemp legalization, a provision of the bill championed by Senate Majority Leader Mitch McConnell (R-KY), received bipartisan support, with members on both sides of the aisle celebrating its inclusion in the now signed law. Hemp legalization is now set to technically take effect on January 1, according to Vote Hemp. However, it will take additional time to submit regulatory plans to the USDA before farmers can legally cultivate the crop.
“This law marks the first change in the federal classification of the cannabis plant in the US since it was initially classified as a schedule I controlled substance by Congress in 1970, and paves the way for the first federally-sanctioned commercial hemp grows since World War II. As we move into 2019, I will work to aggressively monetize our assets in Colorado, Puerto Rico and Canada,” further stated Mundie.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active investor and operator 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 holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico 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 “Hemp Pops”, Hemp oil wellness products 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. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the negative of these terms or other comparable terminology and include statements regarding expected timing of the filing of the Annual Report on Form 10-Q for the quarter ended June 30, 2018. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to timely file our requisite filings with the Securities and Exchange Commission, our ability to meet the continued listing requirements of the OTC Market, our ability to expand leadership activities in support of our sales, our ability to continue to grow, our ability to integrate the entities that we have acquired, our ability to strengthen our internal controls and the other risks outlined under “Risk Factors” in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017 and our other filings with the SEC, including subsequent reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Article By: Andrew Rego