AGRITEK HLDGS INC COM USD0.0001(OTCMKTS:AGTK) is moving up again after a brief dip below the $0.02 mark. AGTK recently exploded to $0.075 highs on huge volume as pot stocks heat up across the board and once again become the hottest thing in small caps.
AGTK is a mover and shaker in the red hot Marijuana industry that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including California and Massachusetts last week.
AGRITEK HLDGS INC COM USD0.0001(OTCMKTS:AGTK) bills itself as a pioneer within the medicinal marijuana space, provides innovative patient and agricultural solutions and seeks to be the leader in Compassionate Care Technology for the medicinal marijuana 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.
Earlier this year AGTK announced a partnership with WoahStork.com, a web based application allowing patients and recreational users in CA, CO, OR, and NV to electronically upload their government issued ID and medical marijuana recommendation, peruse a curated marketplace of nearby products, and place online orders with local dispensaries. The unique web based application is the first of its kind providing the encrypted storage of patient information, strain library and geographical location to medicinal and recreational cannabis providers in aforementioned legal jurisdictions while allowing for pre-ordering and surgical advertising on behalf of the client. WoahStork.com aims to be the “Amazon of Marijuana.”
In April AGTK sent a Cease and Desist Letter To Vape Holdings Inc. and its CEO Mr. Justin Braune. Agritek Holdings is preparing a law suit against Vape Holdings and Mr. Braune for intellectual property infringement and violation of Mr. Braune’s employment agreement under non-compete clauses. The cease and desist contends that the present vaporizer device and cartridge being sold as Vape Holding’s “Revival Vape’s” product line was designed and developed during Mr. Braune’s tenure as Chief Executive Officer of Agritek Holdings under the Company’s wholly owned subsidiary Prohibition Products Inc. with Mr. Braune as President of Prohibition Products.
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Last month AGTK executed a Joint Venture and Letter of Intent with a Colorado based partner and license holder for unlimited Hemp production. The two Companies intend to collaborate on an indoor, controlled Hemp grow for research and development creating a leading line of organic Hemp juices and wellness products produced in the US for distribution and shall be legal in all jurisdictions throughout the United states and internationally.
On November 9 AGTK announced the voters of California approved Proposition 64 on Tuesday evening, now making California the most populous state in the nation to legalize the recreational use of marijuana.
The approval of the ballot measure, which led in recent polls, would essentially create the largest market for marijuana products in the United States.
“We are very excited that citizens of California voted to end the failed policy of marijuana prohibition,” said Nate Bradley, executive director of the California Cannabis Industry Assn. “Proposition 64 will allow California to take its rightful place as the center of cannabis innovation, research and develop.”
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Currently trading at a $13 million market valuation AGTK has minimal assets or revenues and rising debt. The Company is late on their filings and was thus slapped with the limited information designation from otcmarkets.com. The Company has managed to eliminate some of the toxic debt but there is still pleny on the books at a 42% discount to current price. AGTK is an exciting story running up the charts; the Company has been making a number of big moves in the booming pot sector quickly attracting a significant shareholder base who is bidding up the price. We will be updating on AGTK when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with AGTK.
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Disclosure: we hold no position in AGTK either long or short and we have not been compensated for this article.