Agritek Holdings (OTCQB:AGTK) announced the beginning of their phase one construction for a planed 25,000 sq. ft. cannabis cultivation facility in Puerto Rico.
As quoted in the press release:
Agritek Holdings will provide funding for the build out of the operation, extraction and all equipment as well as cultivation experts under the Agritek team through its executed five (5) year Operations and Licensing Agreement with 1919 Clinic. The Operations and Licensing Agreement entitles Agritek to multiple revenue streams including monthly consulting fees, equipment lease back fees, as well as exclusivity for the sale of Agritek brands including vape products, oils and edibles upon meeting all the standards as set forth for legal operation by the Department of Health for Puerto Rico.
The territory legalized medical marijuana by decree nearly two years ago and new Governor Ricardo Rossello last month signed a measure that set out a legal framework for the industry. Backers say the initiative will spark an expansion of the cultivation operations, manufacturing centers and dispensaries that have begun popping up across the island.