Agritek Holdings, Inc. Announces Filing for Name Change to Contrarian Real Estate Acquisition Corp. and Moves to Complete Uplisting for $5M Equity Line Financing
Los Angeles, CA - (NewMediaWire) - January 30, 2020 - Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector, today announced that the Company expects to file next week with the SEC and FINRA to formally change its name from Agritek Holdings Inc. to “Contrarian Real Estate Acquisition Corporation.” The Company will further seek to complete its uplisting to the OTCQB. Trading on the higher exchange will further allow the Company to attract new institutional investors for its new cannabis zoned real estate acquisition portfolio and receive initial funds from the $5,000,000 dollar equity line investment from its existing institutional funding partners.
“Once approved to trade under Contrarian Real Estate Acquisition Corp., we will immediately offer creative capital solutions to purchase and lease with option properties already within our pipeline including California, Oregon and Florida, largely from cannabis operators with proven track records. We will then rent them back to the former owners under long-term leases as a primary revenue stream. The lessees will be generally responsible for most of the operating costs of the facilities they occupy, while paying our Company rent and expenses associated with our property ownership, allowing us to have a very profitable and low-risk business model within the sector,” stated B. Michael Friedman, CEO.
Because operators within the sector still don't have easy access to banks and debt markets (it isn't legal at the federal level in the United States), Contrarian will end up being the new public financing vehicle on their behalf. Operators seeking financing or cash to fund their growth (or pay down debt) will sell their facilities to Agritek/Contrarian to free up cash that would otherwise be locked up in real estate infrastructure whether being used for cultivation, manufacturing or retail.
“It's a win/win, really, especially as Contrarian will be the first real estate acquisition Company within the sector to focus initially on only Hemp operations allowing us less scrutiny dealing with THC legalities and jurisdictional issues. Once officially approved for the name change, we will immediately seek to be listed as a qualified REIT. Contrarian Real Estate (formally Agritek Holdings) post approval, will offer creative capital solutions for real estate purchases within the cannabis sector to the smaller investor on the OTCQB allowing them to take part in this uptrending business model within the public sector similar to Innovative Properties Inc., I-REIT, Green Thumb and others. We will be starting off with ownership of properties as a small cap, with a strong pipeline of income producing properties to acquire in the coming months partnered with successful operators,” further stated Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor 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 real estate holdings. 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.
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.