Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, today announced that it has signed an agreement (“the Agreement”) with Greenlight Cannabis (“Greenlight” www.greenlightdispensary.com) to provide premium grow solutions and related services for Greenlight’s cultivation facilities. With 28 locations and growing across 5 states, Greenlight is a prominent multi-state operator (“MSO”) in the United States and provides consumers with high-quality and unique medical cannabis experiences.
Under the terms of the Agreement, Agrify will install its latest generation Vertical Farming Units (“VFUs”) in Greenlight’s state-of-the-art cultivation center of excellence, to produce superior yields, consistency, and quality, in grow facilities across multiple States. Following operational acceptance, the Agreement is expected to be expanded to include a full facility build-out for Greenlight’s cultivation operations in strategic current locations followed by future locations as Greenlight expands geographically. The initial Agreement also includes horticulture and customer success training, ongoing technical and monitoring support, recurring SaaS revenue for use of the Agrify Insights cultivation software, and operations consulting.
“Rapid business growth for MSOs such as Greenlight can cause them to quickly outgrow the facilities in which they’ve already significantly invested in locations where they desire to operate,” said Raymond Chang, Chief Executive Officer of Agrify. “Purposefully designed to stack up to three levels high, cultivators can increase their grow canopy up to six times within the same building footprint providing increased profitability and longevity of building facilities. As the most technologically advanced cannabis cultivation solution commercially available today, Agrify’s cutting-edge VFUs not only deliver MSOs such as Greenlight maximum grow canopy for rapid ROI, but also the unrivaled consistency and quality of biomass necessary to produce premium experiences for their end customers every time. Furthermore, with Greenlight currently operating in five states, we believe our partnership will lead to further expansion into new geographies and the continued establishment of Agrify as the market leader in cannabis cultivation and extraction solutions.”
