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That was quick. Senate passed Tuesday and the House today. Now it just needs Trump to sign it. Should see many marijuana stocks jump at the open. Hemp is a hair away from becoming legal. C'mon new CEO...throw us shareholders a bone.
Farm Bill very close to passing -
https://www.rollcall.com/news/politics/mitch-mcconnell-touting-victory-hemp-legalization-farm-bill
"The Senate then acted quickly, voting 87-13 in the afternoon to adopt the conference report. It now heads to the House, which could pass it as early as Wednesday and then send it to Trump for his signature."
Agritek will probably will trade pretty erratic the next couple weeks. We're probably going to see some tax loss selling in the final 2 weeks of the year. Virtually anyone who bought AGTK over the past couple years is under water and may use a loss here to offset a gain in another stock. The good news on the tax loss selling is many of those sellers will be back after 30 days (tax loss sellers can't buy back before 30 days).
That said, I do see a few potential positives coming in the next couple quarters (Dear bashers...notice I said "potential" before jumping all over me).
1 - those tax loss sellers will be buying back beginning mid January and could provide a nice boost.
2 - Friedman leaves for his new job Jan 1st (he is staying on until year end to help transition the company over to the interim CEO)
3 - The Farm Bill (which includes hemp legalization) already passed the Senate and will easily pass through the House in a matter of DAYS. Since it was Mitch McConnell (house speaker) who wants the hemp included, Trump will sign the Farm Bill into law. He is not about to make Mitch mad at this point. Trump will need all the friends he's got in the coming months. This hemp news will jump start many beaten down marijuana stocks.
4 - The new CEO should waste no time providing shareholders with plans on developing Agritek's hemp farm acres in Colorado and Puerto Rico.
All my humble opinion to be taken with the smallest grain of salt.
I hope you aren't expecting to see any earnings or revenue. They're pretty much in a holding pattern. Hope the new CEO can start ramping things up in 2019.
In a small way it "COULD" be relevant. Hemp has been illegal in the US since 1970 when it was lumped together with marijuana as a schedule 1 drug. If the 2018 Farm Bill is passed as is, hemp would no longer be a schedule 1 drug and would be legal to grow and distribute in all of the US. CBD (which comes from hemp) has been shown to have many good properties such as relief for pain relief, arthritis and seizures.
If Agritek can develop the 80 acres in Colorado and 25 acres in Puerto Rico which were supposed to be for growing hemp, a steady revenue stream could follow.
Hemp has to be legalized first as part of this coming Farm Bill (Trump could sign it into law before the month ends).
And second, the new CEO must come up with the financing to develop the Colorado and PR land and start getting the hemp crops in the ground. According to today's news release, Agritek's new interim CEO is very experienced in the financing of other marijuana businesses.
Crossing my fingers (and toes).
Ross - I don't know what Agritek has in place anymore. Friedman never followed through on one thing he claimed we had. I think a good first step for this new interim CEO would be to put out an HONEST letter to shareholders on what we own and an HONEST business plan on how they plan to develop those holdings. Then follow through with baby steps at first letting shareholders know what is going on (pictures provided). Then provide even a small first recurring revenue stream with more to come. All of that has been sorely lacking. It will take a long time to regain trust here.
Hope so...I'll be closer to break even.
Ross - Good luck. All I know is that I'm staying as far away as possible from Friedman's next venture.
Some of us have been here a long time and have seen how this trades.
Ross - I wish I knew. I had kind of written this one off. Now I may wait for a dip to buy 200000 shares and really lower my average cost. What the heck at this point - .0025 costs me $500 and .003 cost me $600. If by some miracle a new CEO can deliver.....
Big news today Ross
Ok...IF...and that's a big IF...Friedman really is out and this new interim CEO can provide financing and bring in a new legit CEO, maybe...(notice I said "Maybe") Agritek has a glimmer of hope.
Does Agritek still have those acres of potential hemp land in Colorado and Puerto Rico?
Will the Farm Bill (which legalizes Hemp) finally get passed soon?
Can a new CEO develop these supposedly thousands of acres into profitable hemp crops?
Is Friedman really out (hopefully)?
Does the corporate move to Canada equate to new Canadian ventures?
Will they get their late quarter report filings out in the next few days as stated in today's news release (yeah, I know they won't show revenue but at least they would file and go from there)?
They just posted this news on their website so at least the website is still active and if we can hold today's % gain on top of Friday's % gain and heavy volume, Agritek may get some notice. It would be nice to see some actual news soon.
OK bashers...get started.
Hardly AH ...I'm glad to see him go.
He said he already has -
"I have returned the majority of all my equity and stock holdings to treasury and our legal counsel to help ensure present outstanding debts are managed and operations may continue to expand and become profitable under our new interim CEO,” stated Friedman."
ok...enough petty nonsense. What is your honest price target? I can see maybe .05 in the next year at some point. Jeff Sessions "should" be gone after elections and with a new congress, I could see some movement in the next year on mj here in the US.
Awesome comeback. LMAO
Do you really LMAO at every single post here? Low I.Q. I guess.
I would agree that the outstanding shares negate a move to .50....maybe .10 on a run on some "real" news and not fluff. I doubt we would stay at .09 - .10 for more than a couple hours though. The move of headquarters to Canada is a positive. We need some "real" revenue producing news. C'mon Mike!!!! Canada is legal now!!!
Although this part is new so I suppose we have hope -
"Additionally, Agritek Holdings is in the process of moving corporate offices to Canada and created a wholly owned subsidiary to take advantages of acquisition targets with the new deregulation of cannabis within the country. The Company presently manages manufacturing and cultivation properties in Puerto Rico and Colorado as well."
Actually, they just recycled old news.
Nice % gain on 6 times normal volume. Being an hour from Quebec City and having a golf course, horses, and mj for sale, I could envision a nice profit potential. This won't run until Canada legalizes on Oct 17th. Once investors see a marijuana stock involved in Canada selling for a penny, it will be too late to buy.
" listed for bookings and has partnered with Booking.com and Expedia.com for guest reservations and stays. The company has also started a subsidiary based in Ontario Canada to explore acquisition opportunities as Canada moves into complete legalization of cannabis."
HOLY CRAP!!!!
At least they are answering the phones. I suppose you could have asked If they had seen the owner lately. lol
Can you confirm?
Not a trend. This whole week was just very low volume with no reason to buy yet. Same trading range AGTK has been in for weeks now.
Hemp spike hasn't happened yet.
Not expecting revenue yet and not smoking what you're hoping for. I should have said "revenue potential news". If this Farm Bill gets passed as it should, there would be a big demand for "ready to plant" acres. It sure seems like this industry is showing some life and already has seen some takeovers and consolidations. Why can't he partner with some other company to develop the Hemp on these two properties? Why would that business model not work? C'mon Mike!!!!
http://ir.agritekholdings.com/news/releases/agritek-holdings-inc-receives-hemp-licensee-approval-of-american-hemp-trading-company-for-company-s-colorado-eighty-acre-hemp-production-farm-in-pueblo-colorado-4822392
http://ir.agritekholdings.com/news/releases/agritek-holdings-inc-announces-permit-approvals-for-san-juan-puerto-rico-15-000-sq-ft-cultivation-and-processing-facility-as-colorado-hemp-farm-moves-toward-production-4822572
Top definition
cliffnotes
"I got the cliffnotes." noun. Used to brush people off during a potentially long-winded story or explanation of current events.
When someone is talking or telling you a story and you don't want to hear it, say "Thanks but I have the cliffnotes," to shut them up. This works in many ways, like if someone asks if you've seen a movie, etc., you can say you have the cliffnotes (to the movie).
Now if you are asking about the progress of the Farm Bill -
https://washingtonmonthly.com/2018/09/05/a-rare-moment-of-bipartisan-agreement-is-underway/
pressure to get it done by Sept 30th when the old 2014 Farm Bill expires -
https://www.marijuanamoment.net/top-lawmakers-talk-hemp-legalization-at-first-bicameral-congressional-conference-committee-meeting/
Now, if our CEO will get off his behind and get Agritek in compliance with the SEC AND put out some revenue producing news releases (as in plural) before this Sept 30th date, this stock should fly off the shelves!!!
It's only a BS hearing. The vote on the Farm Bill won't be until this Fall sometime.
Those 148000 shares that are short are all of about $1700 total. Even on an average volume day, 148000 shares can be bought back fairly quickly and not even move the stock price. I'm hoping for positive developments with Agritek but the short position is not one of them.
I was wondering the same thing. The last news release on Aug.16th contained this tidbit -
"As a result of its recent decision to change auditors and other professionals involved in assisting Agritek Holdings with its filing process, the Company needs to assure proper reporting language of new debt consolidation and related financings for the clear benefit of the Company, new acquisition transactions and confirmation of multiple product inventories amongst new vendors."
What is "new acquisition transactions"??
Oh well Gambling Man, spend a penny a share and take a chance.
Did your order fill Gambling Man?
Hey Gambling Man - what price are you waiting for it to drop to buy back in? Every day we hang here gets us one day closer to Congress voting on the Farm Bill (legalizing hemp); Jeff Sessions getting canned; and (maybe) our CEO getting off his behind and throwing us a few bones.
Good luck gambling man. It could run any day now.
If this Farm Bill (which includes hemp) passes as it appears it will, and Michael has an ounce of brain matter left, he will negotiate with another company to run the hemp plantations on the land Agritek owns. It sure looks like a consolidation is coming with marijuana companies -
https://www.fool.com/investing/2018/08/20/why-marijuana-stocks-canopy-growth-cronos-group-an.aspx
Somebody wanted out at the open on no news and didn't put an asking price in. Market Makers grabbed the cheap shares and will dump them later. Dangerous place in this penny stock land.
If you do a search on Google news for "Puerto Rico hemp news", this is the first story that turns up. Maybe Mojo is on to something -
https://globenewswire.com/news-release/2018/06/14/1524609/0/en/Agritek-Holdings-Inc-Announces-Permit-Approvals-For-San-Juan-Puerto-Rico-15-000-Sq-Ft-Cultivation-And-Processing-Facility-As-Colorado-Hemp-Farm-Moves-Toward-Production.html
http://ir.agritekholdings.com/news/releases/agritek-holdings-inc-applauds-move-by-canada-that-just-legalized-marijuana-bringing-big-implications-and-paving-way-for-new-us-drug-policy-4822642
"The Company will additionally expand the distribution, sale and licensing of its CBD brands from its proprietary Hemp cultivation operations in Colorado.
Agritek Holdings strongly supports and expects to benefit from the new Drug Enforcement Administration (DEA) announcement and its recent statement on the legality of cannabidiol (CBD) -- which further clarifies that some CBD products, such as hemp-derived CBD products sold by Agritek Holdings Inc. New regulations seem to state that the Company’s brands are legal to distribute freely throughout the United States and do not fall under the regulations of the Controlled Substances Act (CSA). The Company’s brands include Hemp Pops, MD CBD Strips, tinctures and soft gels currently sold at www.Hempops.com and www.WellnessHempoil.com
The statement clarified:
"Products and materials that are made from the cannabis plant and which fall outside the CSA definition of marijuana (such as sterilized seeds, oil or cake made from the seeds, and mature stalks) are not controlled under the CSA. Such products may accordingly be sold and otherwise distributed throughout the United States without restriction under the CSA or its implementing regulations."
The statement continued, "The mere presence of cannabinoids is not itself dispositive as to whether a substance is within the scope of the CSA; the dispositive question is whether the substance falls within the CSA definition of marijuana."
"Agritek will continue to acquire land assets and cannabis/CBD brands seeking larger distribution within the US and Canada. We look forward to the next bold move by Congress to pass the 2018 Farm Bill, which would permanently remove hemp and hemp products from the purview of the Controlled Substances Act," stated B. Michael Friedman, CEO of Agritek Holdings Inc.