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Argitek Holdings Inc (OTCMKTS:AGTK) Is All Set To Acquire 15,000 Sq. Ft. Production Facility Under Lease Contract

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Argitek Holdings Inc (OTCMKTS:AGTK) is all set to purchase San Juan, Puerto Rico based 15,000 sq. ft. cultivation and production facility under the lease contract. The deal is being pursued for its licensee 1919 Clinic and subject to the approval of State Department of Health.

The state of the art cannabis cultivation and production facility based in San Juan Puerto Rico also has a separate space for a dedicated retail dispensary partner. The company also plans to utilize the existing office space of 2,500 sq. ft. for the attorneys and doctors for the approval of patient recommendations as well as the approval of patients waiting for the certifications.

The company can exercise an option for the outright purchase of the facility within six to eighteen months of the facility becomes operational after getting the necessary approvals. The investments of the company in its licensee 1919 Clinic is estimated at more than $200,000. The company’s investments are focused on security, lighting, processing equipment, extraction and rents to prepare the unit to begin cultivation in summer.

As per the terms of the accord, Argitek will accrue the benefits in the form of consulting fees, infrastructure loans, rents and brand licensing of CBD Brandlines and cannabis. The company will maintain a stake of 30% in the plant for 5 years as per the accord.

The company holds a large footprint in California and Colorado where the recent enactment of recreational markets is in an upswing. The Hemp research firm based in Colorado is engaged in the cultivation of hemp isolate and oil for use by the pharmaceutical industry.

Arigitech Expedites Investments in Hemp Related Operations in Puerto Rico and Colorado

Argitech has rejoiced in the favorable U.S. Consolidated Appropriations Act Of 2018, which retains the State Medical Marijuana Protections. Following the favorable $1.3 Trillion spending bill, the company is expediting investments in the Puerto Rico based cultivation and manufacturing operations as well as in Hemp research firm based in Colorado. The company intends to cash in on the new act announced by the US.

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