LOS ANGELES, CA / ACCESSWIRE / March 3, 2021 / Agritek Holdings, Inc. (OTC PINK:AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and provider of popular hemp brands including RehabRx ™, today announced that the Company has filed with the Securities and Exchange Commission (SEC) on March 2, 2021 its Annual Report on Form 10-K for the year ending December 31, 2019 ('The Annual Report'). The consolidated financial statements contained in the Annual Report consist of the consolidated balance sheets of the Company as of December 31, 2019 and 2018, and the related consolidated statements of operations, consolidated statements of changes in stockholders' equity (deficit), and consolidated statements of cash flows for the years ended December 31, 2019 and 2018, and related notes.
Additionally, the Company is pleased to announce the acceptance and approval by our auditing firm and legal advisors of the acquisition of Full Spectrum Biosciences Inc. as a wholly owned subsidiary of Agritek Holdings Inc., which was not consummated until April 2020, noted within the filing and will be more fully detailed in the Quarterly Reports to follow this month. The Company expects to file the 2020 Annual Report on Form 10-K during the extension period, completing its filing delinquencies, returning to fully reporting compliance and allowing eligibility for uplisting.
'This filing of our annual report and completing the balance of our filings to bring Agritek Holdings in full compliance in order to complete our proposed uplisting is the first of many significant milestones taking place to provide complete transparency to our investment audience. As we move forward in completing our financial reporting obligations, apply for uplisting and announce additional members to our experienced management team in moving our business strategy forward, we will seek to capitalize on a year for undervalued companies within the cannabis sector with continued favorable legislation for our industry', stated B. Michael Friedman, CEO of Agritek Holdings Inc.
The Company's filings and Annual Report on Form 10-K may be accessed by the following link:
The Company recently announced it has executed a joint venture agreement through its wholly owned subsidiary Full Spectrum Biosciences with Biomedican and its' biosynthesis platform for the production of CBG/CBGA cannabis compounds. Biomedican, is a California based biotech company designing patented low-cost methods of growing high-value compounds at scale with proprietary yeasts. The Company recently announced it has successfully biosynthesized rare cannabinoid CBG/CBGA and is setting up large-scale production of its pharmaceutical-grade CBG/CBGA compounds, containing zero toxins and contaminants, and is 75-90% less expensive than current wholesale prices. Full Spectrum Biosciences through its agreement with Biomedican will be ready to ship in bulk orders CBG/CBGA material starting in Q3 or Q4 2021.
CBG naturally occurs at such trace amounts during the standard agricultural or cultivation process that remains challenging to manufacture economically with high purity levels. The Company's will now seek to produce high-purity, pharmaceutical-grade, toxin- and contaminant-free, low-cost CBG/CBGA at scale via biosynthesis. This process results in products that are high-quality, consistent, and bioidentical to the molecules found in nature, which is crucial to large-scale distribution.
CBG/CBGA is a non-psychoactive cannabinoid, with early research suggests it has a range of bioactive properties in the body, including anti-inflammatory, antimicrobial and antioxidant functions. The known health benefits of CBG/CBGA include fighting inflammation, pain and nausea, as well as working to slow the proliferation of cancer cells. There is a significant amount of evidence that CBG/CBGA will be as impactful to the health and wellness market as CBD has become around the world.
Neither Full Spectrum Biosciences or Biomedican touch the plant or produce THC or any other psychoactive ingredients at any point in time during its biosynthesis process. According to legal opinion, Biomedican is outside of federal regulations, since the current regulations center around touching the plant or producing THC. This will allow the company to distribute CBG/CBGA into a wide variety of channels, including nutraceuticals, food/beverage, personal care/lotions, and cosmetics.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands 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 real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly owned subsidiary which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) as well as approved for sale on Amazon (www.Amazon.com) currently being sold in the United States and parts of Canada. 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.
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. Agritek Holdings Inc. undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and AGTK's actual results could differ materially from those anticipated in these forward-looking statements.
Agritek Holdings, Inc.
SOURCE: Agritek Holdings, Inc.
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