Agritek Holdings Inc. Announces Executed Letter of Intent for Operational Agreement and Funding With Players Network Inc. and Subsidiary Green Leaf Farms for New Cultivation and Production Facility in North Las Vegas, Nevada
Companies Through Subsidiary Green Leaf Farms Holdings to Initiate Agreement for Funding, Buildout and Consulting for a New 22,500 Sq. Ft. Cultivation and Production Facility in North Las Vegas
LOS ANGELES, CA–(Marketwired – February 18, 2015) – Agritek Holdings, Inc. (AGTK)(https://www.Agritekholdings.com), a fully reporting company on the OTCQB and leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry today announced the execution of a Letter Of Intent and proposed operational agreement with the Player’s Network, Inc. (PNTV) a fully reporting diversified company with holdings in two primary areas, Media and Medical Marijuana and its subsidiary Green Leaf Farms, LLC an 80% owned subsidiary of Player’s Network, Inc. Agritek and Green Leaf Farms are in the process of completing an operational and joint venture agreement.
The letter of intent and proposed contract between the Companies includes an operational contract with Agritek Holdings for buildout, equipment lease financing, consulting and a funding commitment from AGTK and their banking partners under a model that will provide Green Leaf Farms Holdings, LLC (Green Leaf) funds for the completion of a facility up to 22,500 square feet located in North Las Vegas, Nevada. In addition, Agritek Holdings will provide funding for infrastructure and operational costs under the joint venture agreement. Further, Agritek will execute an operational contract with Green Leaf Farms to provide management services, equipment lease financing as well as identifying qualified state-screened third party operators who will assume operation of the cultivation and production facility with professional oversight being provided by Agritek Holdings.
The new facility will be one of the first operational indoor cannabis cultivation and production facilities in North Las Vegas. Green Leaf Farms, LLC recently was granted a North Las Vegas Nevada provisional grow and production or MME licenses as the state prepares its infrastructure for the growth and distribution of legal medical marijuana in 2015.
“We are truly excited to expand our presence within the sector in Nevada with Green Leaf Farms as a partner, as I believe Nevada will prove itself to be the most dynamic and largest recreational market over the next 18 months. With 800,000 tourists visiting the city each week, having a long term business relationship with a fully functional and licensed cultivation and production facility will greatly expand our reach and profitability within the sector,” stated Michael Freidman, CEO of Agritek.
Mark Bradley, CEO of PNTV, stated, “We are extremely excited about our relationship with Agritek, they are truly a leader with vast experience in cannabis sector with strong ties to the banking Community. This agreement is the result of an extremely extensive process to find the best possible company to assist Green Leaf. There are great synergies between the two companies which includes leveraging PNTV’s WeedTV.com platform and distribution into over 100 million US television households to market and brand products of both companies.” Mr. Bradley continues, “The funding structure is with Green Leaf Farms and will not not dilute PNTV shareholders or its holdings in Green Leaf. Agritek will receive revenues through rents, equipment lease financing, and licensing and consulting fees This is truly a major milestone achievement that will benefit our long term growth and shareholders.”
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), a fully reporting Company and pioneer within the medicinal marijuana space provides innovative patient and agricultural solutions seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including through its’ wholly owned subsidiary Agritek Venture Holdings Inc. Agritek does not directly grow, harvest, or distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
About Player’s Network
Player’s Network, Inc. (PNVT) is a fully reporting publicly traded diversified holding company who operates in two main areas; Media and Medical Marijuana. PNTV’s primary objective is to create shareholder value by identifying opportunities in niche emerging markets. For more information please visit www.PlayersNetwork.com or call our Investor Relations Department at 702.743.3457.
About Green Leaf Farms Holdings
Green Leaf is 80% owned by PNTV and has been granted 2 licenses by the state of Nevada for Medical Marijuana Cultivation and Production of Marijuana infused products. Green Leaf is constructing a substantial facility in North Las Vegas for its operations. “Green Leaf Farms” will be the GLFH’s consumer brand in our product development as well as branding for additional facilities. This brand equity will be used to expand into other states as they receive legislative approval. The Company will not expand beyond Nevada until this is compliant with Federal laws.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein.
Agritek Holdings, Inc.
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