Agritek Holdings, Inc. Announces First Approved Hospitality Model And Full Service Wellness Resort As Cannabis Approaches Legalization In Canada This Month
LOS ANGELES, CA, Oct. 05, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced that the company has received its approval and B &B license as the first resort in a province of Quebec, Canada to provide services including delivery of cannabis products for guests of the 7,000 sq. ft., 8 bedroom bed and breakfast property located on 15 acres with horses, private chef and golf club to its’ guests.
For legal purposes, a stay at the managed resort property shall include everything except the cannabis itself. Guests who wish to buy cannabis may do so through the resort’s online ordering system or the property’s cannabis concierge. A menu of recommended strains, plus suggested pairings with meals and activities will be provided for all guests seeking to use wellness products legally within the province. The resort has developed exclusive partnerships with area providers approved by the Canadian government for the delivery of cannabis during guest stays.
Canada is now preparing to legalize recreational marijuana this month on October 17th, becoming only the second country to do so after Uruguay. The pending change has touched off an investment boom and pushed up valuations of Canada’s cannabis producers. They’re enjoying a first-mover advantage as medical and recreational pot gain traction from the U.S. to Germany. Canada’s industry will also be the litmus test for whether governments can stamp out illicit sales, transfer billions of dollars in revenue to an emerging industry, generate taxes and create jobs.
“We are pleased to have received approval for our license as a Bed and Breakfast within Quebec and look forward to turning our resort property into one of the first wellness resorts providing hospitality services to the cannabis industry. Full pictures of the resort may be found at www.agritekholdings.com. Agritek Holdings receives 100% of all booking revenue from the resort through its' exclusive management contract, located just one hour outside of Quebec City, and approximately one hour by airplane from New York City. The property is now accepting bookings starting December 2018 as Canada moves into legalization this month,” stated B. Michael Friedman, CEO of Agritek Holdings Inc.
The property “26 Rue King” resort is now 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.
Fulfilling an election promise by Prime Minister Justin Trudeau, legal sales of certain forms of cannabis in Canada begin on Oct. 17. Fresh or dried cannabis, cannabis oil, and plants and seeds for cultivation will be allowed initially. Edible products and concentrates will be legalized later. Federal regulations put the minimum purchase age at 18, allow people to grow up to four plants at home and set strict rules on packaging and branding. The law also bans marijuana exports and imports, except for medical or scientific purposes, which require a permit. It’s up to Canada’s provinces to determine rules for retail sales and distribution. Provinces also have the power to lower possession and personal cultivation limits, increase the minimum age and restrict where marijuana may be used in public.
The promise of legalization has spawned a so-called green rush. The industry is now worth more than C$80 billion ($60.6 billion). On the Toronto Stock Exchange, the market value of Canopy Growth Corp. alone is almost C$15 billion, more than major producers of conventional commodities, including U.S. aluminum giant Alcoa Corp. Major firms outside the cannabis industry, especially from the drinks sector, are getting involved. Constellation Brands Inc., the brewer of Corona beer, is spending $3.8 billion to boost its stake in Canopy Growth. BNN Bloomberg TV reported that the giant U.K. spirits maker, Diageo Plc, is in discussions with at least three major marijuana producers in Canada to make cannabis-infused beverages. Molson Coors Brewing Co. is starting a joint venture with Hydropothecary Corp. to develop cannabis drinks in Canada. Companies such as Canopy Growth, Aurora Cannabis and Cronos Group are also actively securing deals to supply countries like Germany with medical marijuana.
Agritek Holdings invites all shareholders and the investment community at large to view its filings at https://www.otcmarkets.com/filing/conv_pdf?id=12966562&guid=QhlZUpUTl8S0kyh and to subscribe to its mailing list on its corporate website, www.AgritekHoldings.com, to remain apprised of all relevant news and updates.
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