Agritek Holdings, Inc. to Acquire Florida Zoned Cannabis Property and Enter Into Long-Term Lease with Licensed Operator

The 15,000-square-foot building has met initial zoning approval as the first property within the Florida municipality for licensed cultivation or manufacturing operation.

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LOS ANGELES, CA, Feb. 04, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- PRESS RELEASE -- Agritek Holdings, Inc., a fully integrated, active real estate investor for the cannabis sector, has announced that the company has entered into an agreement to acquire for a sale lease back its first cannabis zoned industrial property located in Pompano Beach, Fla. The 15,000-square-foot building, originally zoned as a licensed methadone clinic, has met initial zoning approval as the first property within the Florida municipality for licensed cultivation or manufacturing operation. Agritek Holdings will acquire the property from a Maryland-based real estate investment trust now partnered with the company for future property acquisitions within the sector.

Agritek Holdings Inc., with real estate footholds in Colorado, California and Oregon, will seek to fund future real estate properties and development projects within an initial pipeline of properties for sale and leaseback as well as right-of-first-refusal letters of intent and contract offers until June 31, 2022.

“The rental income and advisory services proceeds generated from our newly expanding real estate portfolio will be utilized to create long-term shareholder value through the build out of our acquisition efforts to further expand our footprint within the cannabis sector,” stated B. Michael Friedman, interim CEO of Agritek Holdings.

This sale-leaseback transaction will mark Agritek Holdings’ first proposed property acquisition and leaseback transaction this year, with additional proposed transactions for GMP facilities in both California and Oregon expected to be completed upon additional funding of its real estate division.