Agritek Holdings, Inc. Announces Execution of Purchase Agreement for A 15,000 Sq. Ft. Licensed Manufacturing Facility in San Juan, Puerto Rico, in Partnership with Its Licensee 1919 Clinic
May 16, 2019 at 08:30 am EDT
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Agritek Holdings, Inc. announced that the company has executed a purchase agreement for the 15,000 Sq. ft. licensed manufacturing facility in San Juan, Puerto Rico, in partnership with its licensee 1919 Clinic. The purchase price of the building is $950,000, with the company financing the facility over the term of six months. 1919 Clinic will continue to pay the company, rent and consulting fees at the time of closing on the facility. The manufacturing facility is presently approved and licensed by the Department of Health of Puerto Rico for cannabis manufacturing, extraction and production of edibles. 1919 Clinic has already been manufacturing and distributing the company licensed brands of edibles with revenue production for this quarter. The facility is expected to supply edibles and cannabis products to approximately 30 licensed dispensaries throughout the island.
Agritek Holdings, Inc. is an investor and operator in the legal cannabis sector. Its business focus is primarily to hold, develop and manage real property. It is focused on three segments of the cannabis market, including real estate investment, intellectual property brands, and infrastructure, with operations in United States, including Florida, Colorado, and California. It invests its capital via real estate holdings, licensing agreements, royalties, and equity in acquisition operations. Its business focus is primarily to hold, develop and manage real property. It produces, brands, and distributes hemp-based products. Its product categories include human ingestible (tinctures, capsules, and gummies), topicals, and pet products. Its products are distributed through its e-commerce Websites www.RehabRx.com, Hemppops.com and third-party ecommerce websites. It provides services to the legal cannabis sectors including dispensary and retail solutions and consumer product solutions.
Agritek Holdings, Inc. Announces Execution of Purchase Agreement for A 15,000 Sq. Ft. Licensed Manufacturing Facility in San Juan, Puerto Rico, in Partnership with Its Licensee 1919 Clinic