AGRITEK HLDGS INC COM USD0.0001 (OTCMKTS:AGTK) is a penny play that has grabbed hold of the attention of traders during the AGTK’s recent bounce. The company just announced that it has executed a branding agreement with WeedMaps, the world’s largest and oldest technology company within the cannabis sector, to feature Agritek’s exclusive licensed product brands “Microdose Strips” and “California Premiums.”
According to the company’s latest release, the new agreement with WeedMaps will “allow Agritek Holdings’ packaged brands to be featured and receive specialized placement in specific regions of California including San Diego, Orange County and West Hollywood. Local dispensaries presently not carrying the brands now receiving patient requests may contact Agritek through the WeedMaps platform to stock the products which can then be shipped directly from the licensed manufacturer on behalf of Agritek.”
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.
AGTK 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.
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 discussed above, AGTK products will now be featured on WeedMaps, which could grant a strong competitive advantage. The stock seems in need of a new catalyst to spark another run, and maybe this will provide that boost. As we see it, this type of news, when hitting an OTC name, necessitates some follow-up to confirm the impact. This is obviously a huge boost if extrapolated in the most potent manner. But that entails a “benefit of the doubt” attitude, which is extremely rare in this market milieu.
The featured items, as noted above, are its new Microdose Strips and California Premiums. The former are apparently “a discreet, dose controlled, evaporating oral strip which offer a unique and smoke-free alternative to patients initially residing and holding medical recommendations in California. The medicated oral strips will be distributed to dispensaries and sold in a single pack and eventually multi-packs. Doses for one oral strip will consist of 10mg and 50mg strips, and are manufactured through a consistent organic sun growth cannabis base. The strip is utilized by being placed under the tongue or between the cheek and gum of the mouth with the strip dissolving directly into the bloodstream.”
The latter represent a “premium pre-roll brand licensed exclusively by Agritek Holdings now available on WeedMaps, with delivery to dispensaries in select locations this month.”
“We are extremely pleased to begin the distribution of our branded products through this partnership with WeedMaps, the most respected and widely known cannabis information and technology site in the industry. Our Microdose Strips and California Premiums products can now be requested and searched for by patients and dispensaries alike. We look forward to making these licensed brands recognized names and highly requested products throughout California over the next several months,” stated B. Michael Friedman, CEO.
Recent action has seen 56% during the past month in terms of shareholder gains in the company, a rally that has pushed up against longer standing distributive pressure in the stock. The situation may be worth watching. AGTK has a history of dramatic rallies. Furthermore, the name has registered increased average transaction volume recently, with the past month seeing nearly 140% above the average volume levels in play in this stock over the longer term.
Earning a current market cap value of $8.5M, AGTK has a store ($113K) of cash on the books, which stands against about $280K in total current liabilities. AGTK is pulling in trailing 12-month revenues of $24K. However, the company is seeing recent declines on the top line on a sequential quarterly basis, with revenues falling at 0% as of its latest reporting period. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $AGTK stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $AGTK, either long or short, and we have not been compensated for this article.