AGRITEK HLDGS INC (OTCMKTS:AGTK) reported that the firm has agreed and entered into talks to buy the surrounding 900 acres of its’ current 80 acre Hemp planned research location in Pueblo, Colorado. Presently, the company owns 80 acres with mineral and water rights for its planned Hemp research assignment for production of Cannabidiol infused products. The firm has now been provided the first right and accepted the proposal to buy the surrounding 900 acres making it one of the leading operating Hemp research assignments seeking approval by the state.
Through the nearly 1,000-acre operation, Agritek will look to become the leading tissue culture and genetics propagator of CBD and cannabis genetics in the United States. The firm’s main focus will be in patenting and creating genetic strains of true hemp-based CBDs and medical marijuana. Using tissue culture, together with its patented hydroponic pod know-how, the firm can make identical, pathogen-free plantlets that can be utilized to create extremely standardized hemp-based Cannabidiol that don’t have THC in content.
Agritek’s Industrial Hemp license associate will allow the company funded operation to grow, handle, transport, distribute and process unlimited quantities of hemp via its hemp research farm in Pueblo. By the means of the Pueblo operation, the firm anticipates to harvest minimum 350,000 pounds of dry flower annually for extraction into oil at its R&D facilities once completing the build out and license process. Once the oils extraction is done, they will comprise cannabinoids like THCV for diabetes/obesity, CBG for sleep aid, and CBD.
As per the Hemp Business Journal, the hemp industry sales came at $688 million last year, representing a compound annual growth rate of 22%. The industry organization considers that the hemp industry will hit $1.8 billion by 2020, led mainly by the growth of hemp-based, or cannabidiol products. These offerings could ultimately make a dent in the opioids market, especially given growing research and political pressure.
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