Argitek Holdings Inc (OTCMKTS:AGTK) just announced that B. Michael Friedman has resigned as sole Director and CEO to pursue other opportunities, effective December 11, 2018. According to the release, Effective immediately, the Board has appointed Mr. Suneil Singh Mundie as the Interim Chief Executive Officer. Mr. Friedman will assist management in a smooth transition with ongoing projects and relationships until the end of the year 2018.
Mr. Mundie stated, “Agritek Holdings appreciates the valuable contributions that Mr. Friedman has made to Agritek Holdings over his years of service and we wish him well in his next endeavors. B. Michael Friedman was a tremendous asset in laying the foundation for our robust future, and we understand his decision to pursue another growth opportunity,” further said Mundie.
Argitek Holdings Inc (OTCMKTS:AGTK) promulgates itself as a company that offers services to the cannabis sector in the United States.
It is involved in the acquisition and leasing of real estate properties, such as cultivation space and related facilities to licensed marijuana growers and dispensary owners. The company also offers compliance consulting, and equipment build out, banking and payment processing, multichannel supply chain, and consumer product, as well as branding, marketing, and sales solutions to the cannabis industry.
In addition, it operates a leisure resort with 9 bedrooms and a golf course covering 15 acres that provides horseback and fishing facilities, and chef classes for cannabis cuisine. The company was formerly known as MediSwipe Inc. and changed its name to Agritek Holdings, Inc. in April 2014. Agritek Holdings, Inc. was incorporated in 1997 and is headquartered in Miami, Florida.
According to the release, “Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active investor and operator in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including “Hemp Pops”, Hemp oil wellness products and “California Premiums”. Agritek Holdings, Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act, nor does it intend to do so in the future.”
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As noted above, AGTK just announced that B. Michael Friedman has resigned as sole Director and CEO to pursue other opportunities, effective December 11, 2018.
Traders will note just shy of 140% during the past week in terms of shareholder gains in the stock. Furthermore, the company has witnessed a pop in interest, as transaction volume levels have recently pushed exceeding 280% beyond what we have been seeing over the larger time frame.
“It has been an enormous privilege to have led Agritek Holdings for the last eight years essentially growing from a start-up to be one of the first fully reporting Companies within the cannabis sector. We have had our prosperous years as a pioneer within the industry and I feel it is now time to turn the Company over to a leader I feel has the experience, investment knowledge and contacts combined with industry back round to return Agritek Holdings to its’ role as an innovative leader within the sector. I have returned the majority of all my equity and stock holdings to treasury and our legal counsel to help ensure present outstanding debts are managed and operations may continue to expand and become profitable under our new interim CEO,” stated Friedman.
Now commanding a market cap of $7.32M, AGTK has virtually no cash on the books, which stands against about $4.3M in total current liabilities. AGTK is pulling in trailing 12-month revenues of $26K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -99.1%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $AGTK stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $AGTK, either long or short, and we have not been compensated for this article.