Agritek Holdings (OTCQB:AGTK) announced its licensing partner 1919 Clinic obtained preliminary approval for a manufacturing and cultivation license in Puerto Rico.
As quoted in the press release:
Agritek Holdings presently holds a five year exclusive operational agreement with the Puerto Rico-based licensee 1919 Clinic with the Company providing funding for infrastructure build out, cultivation partners, equipment lease financing and product brand licenses. The final issuance of the manufacturing license will allow the operation to produce edibles and extraction services for other cultivators as well as oils for cartridges supplied by Agritek.
Agritek Holdings has already started to receive rental income since May 2017 and will receive residual income throughout the term of the agreement on all infrastructure loans, product licensing and cultivation consulting. B. Michael Friedman, CEO for Agritek, stated, “Puerto Rico in my opinion as a US territory has very unique status, and with our guidance and innovations for the 25,000 square foot facility in the middle of the city of San Juan will set the standard for compliance, growing technology and consistency of medicine. We have already started to infuse funds for infrastructure build out and security systems under the guidelines of the Department of Health and plan to make 1919 Clinic the gold standard for the island.”
“Puerto Rico, similar to Nevada, has set guidelines to be a territory of reciprocity where patients holding cards from other regulated states will be able to purchase medicine during their travel. With Puerto Rico being one of the top destinations for the cruise ship industry, we believe the stage is being set for Puerto Rico to be a meaningful and newly emerging medical market for the cannabis sector. Agritek will be bringing our expertise, including cultivation teams from Colorado and California, to technology and new product brands, creating jobs, innovation, compliance and meaningful revenue for the Puerto Rico economy,” further stated Friedman.