AGRITEK HLDGS INC COM USD0.0001 (OTCMKTS:AGTK) is a diversified penny story in the cannabis space in the US that has started to engage some focus among traders and investors as prices get a little traction in bounce mode. The recent move has been fueled by the company’s announcement that it has completed a new purchase agreement for an eighty acre approved cannabis farm for the medicinal and recreational sector located in Pueblo, Colorado. Under the new real estate purchase contract, the eighty-acre parcel of land previously deeded to Agritek Holdings by a third party, shall now be directly owned by the Company as an asset including water and all mineral rights.
As we have harped on repeatedly of late, the key for the cannabis patch beauty pageant in 2017 is going to be all about investment in capacity because the market will assume a high ROI over the next 36 months. Hence, the chart shows 27% tacked on to share pricing for the company in the past week. In addition, the stock has registered increased average transaction volume recently, with the past month seeing 26% beyond what we have been seeing over the larger time frame. Since we last covered the name, the stock has moved 44% higher.
AGRITEK HLDGS INC COM USD0.0001 (OTCMKTS:AGTK) trumpets itself as a company that offers various products and services to the medicinal marijuana sector in the United States. It distributes hemp-based nutritional products; and provides solutions for electronically processing merchant transactions.
The company is also involved in the acquisition and leasing of real estate properties, such as cultivation space and related facilities to licensed marijuana growers and dispensary owners. In addition, it offers consulting services, including obtaining licenses, compliance, cultivation, logistical support, facility design, and building services to the cannabis industry.
The company was formerly known as MediSwipe Inc. and changed its name to Agritek Holdings, Inc. in April 2014. Agritek Holdings, Inc. was incorporated in 1997 and is headquartered in Denver, Colorado.
According to company materials, AGTK considers itself “a pioneer within the medicinal marijuana space, provides innovative patient technology and agricultural solutions within the Compassionate Care Technology for the recreational cannabis industry. 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.”
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As noted above, the company just announced that it completed a purchase agreement for an eighty-acre cannabis farm for the medicinal and recreational sector located in Pueblo, Colorado.
According to the recent release, The 80 acre parcel located in Pueblo, Colorado is presently zoned and approved as a cannabis farm which will be sectioned by acres and leased to licensed cultivators including a section for potential use as a Hemp farm with plans for production in the second quarter of 2017.
“In my seven years of involvement with Agritek Holdings, I have never been more optimistic regarding our standing as a public company within the cannabis sector and progress as I am today. The asset of 80 acres with water rights approved for a recreational grow in the state of Colorado and licensees waiting for production is a clear statement of Agritek becoming a serious, and in my opinion undervalued company in this sector. We plan to announce additional operations in the very near term for California in Humbolt County for the roll out of our California Premium Brand and partnerships in Puerto Rico with the first approved cultivation operation on the island. I am confident we now finally have the land assets, IP, management and funding behind us to turn the corner and make 2017 our most successful year in our corporate history,” stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
At this time, carrying a capital value in the market of $11.83M, AGTK has virtually no cash on the books, which compares with about $163K in total current liabilities. AGTK is pulling in very nominal trailing 12-month revenues of $3K. To add insult to injury, that figure is in a declining trend, with revenues falling at -55.3%. That said, this is a story all about the future, and it may indeed turn out to be a very interesting story — one that we will look forward to updating again soon. For continuing coverage on shares of $AGTK stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!