LOS ANGELES, CA / ACCESSWIRE / November 12, 2020 / Agritek Holdings, Inc. (OTC PINK:AGTK) (www.AgritekHoldings.com), a fully integrated, active real estate investor and its wholly owned subsidiary Full Spectrum Biosciences Inc. an IP, formulation and white label provider for popular hemp brands RehabRx and Hemp Pops among others, today announced that Full Spectrum Biosciences Inc. and Primo Nutraceuticals Inc. (www.primonutraceuticals.com) a publically traded company on the CSE and OTC Exchange have executed a binding agreement and Letter of Intent for Primo Nutraceuticals to acquire all of of the intellectual property, brands and contracts of Full Spectrum Biosciences.
The transaction is expected to be completed before the end of fiscal year December 2020, with all of the listed assets of Full Spectrum within the definitive agreement to be acquired into a new acquisition corporation and wholly owned subsidiary of Primo Nutraceuticals.
The purchase price of the Full Spectrum Biosciences Assets will be based upon third party valuations ordered by Primo. Full Spectrum bioscience and shareholders will receive common shares of the Company (the "Common Shares") at a deemed price of $0.10 per Common Share. The closing of the Primo Nutraceuticals and Full Spectrum Biosciences Transaction are subject to the execution of the definitive agreement expected later next week and the customary closing conditions contained in transactions of this nature.
"We are quite enthusiastic to add the IP and multiple proven brands with additional revenue streams of Full Spectrum Biosciences to our portfolio before year end", said Richard Cindric, CEO. "We look forward to working together and building on our combined experience and efforts to expand our global footprint within the life sciences and cannabis nutraceutical and edibles sector", added Cindric.
"I am pleased to deliver on our promise to the Agritek shareholders that our wholly owned subsidiary Full Spectrum Biosciences has entered into this asset purchase agreement with Primo Nutraceuticals. By having access to both the Canadian and US public markets through Primo, we can work to build our company in both jurisdictions and bring greater value through our combined management teams and contacts. I have always believed that a nutraceutical and big pharma model would bring the most benefit to our company and shareholders, and Primo offers us the best opportunity, corporate structure and access to public markets to do just that. Our recently announced test pilot program with Biomedican using proprietary yeast for synthetic cannabinoid profiles propels our company to an entirely different level within the pharmaceutical space as a biotech with Primo. As we complete this transaction, we can then move to rebuild Agritek Holdings through completing our public filings, and bringing on an advisory firm for a meaningful go forward plan as a merger and acquisition company within the cannabis sector. I believe the new administration coming in 2021 will offer new opportunities within the cannabis space that have not allowed us to entirely pursue due to federal regulation. The recent move toward state and perhaps federal legalization will in my opinion allow us to be successful through an approved business model within the cannabis sector as we have been known in the past", stated B. Michael Friedman, CEO Agritek Holdings Inc.
About Primo Nutraceuticals Inc.
Primo Nutraceuticals Inc. ("Primo" or the "Company")(OTC:BUGVF)(CNSX:PRMO) is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo Nutra's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of the "Primo" & "Thrive," brands and a selection of curated partner brands. Most recently Primo announced that it had received its Natural Product Number (NPN) and it has been issued a Medical Device Establishment License(MDEL) from Health Canada.
About Agritek Holdings, Inc. and Full Spectrum Biosciences
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands 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. The hemp based raw material and products produced at facilities owned by Agritek Holdings and leased back to licensed operators are then used for retail branded CBD, CBG and Hemp oil extract products produced by its subsidiary Full Spectrum Biosciences presently sold via e-commerce, online, Amazon and Doctors offices within the United States. Brands include RehabRX, Hemp Pops, MD Vapes, and multiple white labeled brands. 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.
SOURCE: Agritek Holdings, Inc.