AGRITEK HLDGS (AGTK) Bounces on Recent News
By Jermaine Farmer - November 29, 2016
AGRITEK HLDGS INC COM USD0.0001 (OTCMKTS:AGTK) is a stock that’s been advancing off recent support in the $0.02 area, doubling in the past few sessions. The likely catalyst is the company’s announcement that it has placed its first orders for sales and distribution of a “unique and patent pending product for infused Hemp oil CBD gum Lozenges. The product initially will be sold as “MedCBD,” a blister pack of eight (8) pieces of 10 mg gum tablets or lozenges infused with CBD Hemp oil. Preliminary markets for the infused tablets will include the states of California and Florida, as well as plans for Puerto Rico, with Agritek Holdings expanding with new offices on the island.”
Overall, traders will note 67% added to share values of the name over the past week of action, a rally that has pushed up against longer standing distributive pressure in the stock. Market participants may want to pay attention to this stock. AGTK has a history of dramatic rallies. What’s more, the listing has registered increased average transaction volume recently, with the past month seeing just shy of 140% above the average volume levels in play in this stock over the longer term.
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.
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 recently announced that it has placed its first orders for sales and distribution of a “unique and patent pending product for infused Hemp oil CBD gum Lozenges”. Management included some further comments on the development.
“We are very pleased to be working exclusively with the only chewing gum manufacturer that can incorporate an ingredient like Hemp oil into a piece of chewing gum or lozenge through their patent pending and proprietary process. Each lozenge contains 10 mg of Hemp oil CBD, or a daily dose, the first ever sold within the market. More and more patients opt for healthy alternatives for ingestion to smoking or vaping, which will include veterans suffering from posttraumatic stress as well as epileptic children as legislation evolves. Our business model of consumer-friendly products for the cannabis sector now include our Trademark pending organic infused Hemp Pops and Hemp oil Gum CBD tablets. For those who wish to smoke, our California Premiums licensed brand of select strains will be available in California by December. We are presently completing our financials for Q2 and Q3, which have been submitted to our auditing firm to once again reach compliant and fully reporting status. We will continue to innovate and increase sales revenue through our unique wellness lines and products in regulated jurisdictions as we watch our sector rapidly evolve,” stated B. Michael Friedman, CEO of Agritek Holdings Inc.
Now commanding a market cap of $13.8M, AGTK has an extremely small store of cash on the books, with total assets of $98K, which compares with an appreciable load ($163.11k) of total accumulated debt. The balance sheet isn’t in bad shape, and the recent path of legal changes certainly favors the space. However, we will need to see further catalysts coming down the pike for Agritek Holdings, Inc. to continue its recent run. We have covered this story closely, and will update this interesting story again as events transpire.
