Agrify™ Corporation (Nasdaq:AGFY)(“Agrify” or the “Company”), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, announced it has signed a definitive agreement (“the Agreement”) to provide Boone Labs, a Buchanan, Michigan-based vertically integrated cannabis operator, with a broad range of cultivation and extraction solutions at its new production facility. Boone Labs will be the first customer to leverage Agrify’s full suite of offerings, across cultivation, extraction, and consumer brands, to create a fully operational cannabis production business.
Under the terms of the Agreement, which is valued at $2 million, approximately $1.5 million will go towards Vertical Farming Units (“VFUs”) and $0.5 million will go towards a full range of extraction systems. Agrify expects to supply Boone Labs with a comprehensive lineup of the services and equipment necessary to launch a highly successful cannabis production facility. The Agreement consists of facility design services, industry-leading cultivation, extraction, distillation, isolation, and lab equipment, proven recipes and operating procedures for growing consistently high-quality flower and creating connoisseur-grade extracts, as well as the most advanced and intuitive automation and production-planning software. Boone Labs has opted to outfit its 8,500 sq. ft. state-of-the-art facility with some of Agrify’s top solutions including Longs Peak Rosin Presses and Axis Trichome Separatorsfor solventless extraction, the PX1 for hydrocarbon extraction, and 72 VFUs, fully integrated with Agrify Insights™ software, for cultivation. This approach will enable precise control over operations, while providing the accompanying data to prove active ingredient levels, in order to produce consistent high-quality cannabis with exceptional ROI. Boone Labs is starting with 72 VFUs to remain compliant with the 3,500 plant limit in its current Michigan license, but has room to add an additional 24 VFUs when given an expanded license.
“By harnessing the power of data, science, and technology – as well as fostering close consultative relationships with our customers – Agrify continues to execute on our mission to be the leading end-to-end solution provider in the industry for cannabis operators,” said Raymond Chang, CEO of Agrify. “Following exhaustive due diligence, companies, whether they’re new to the industry or well-established, are concluding that Agrify’s solutions provide the fastest and surest means to establishing a profitable cannabis operation. Whether the goal is to expand business and become a multi-state operator (“MSO”) or quickly reach profitability as a regional “premium craft” grower, like Boone Labs, Agrify’s solutions can be tailor-made to meet the needs of individual businesses. We look forward to working closely with Boone Labs, and we’re confident that we will help them fulfill their mission of establishing a world-class cultivation and processing facility in Buchanan, MI that is capable of consistently producing premium flowers, high-value concentrates, and other popular cannabis products at scale.”
“From the very beginning, Boone Labs has been dedicated to producing connoisseur-grade extracts, and we quickly found that using solventless extraction from PurePressure with the Kush Masters process was the best way for us to meet customer demand,” said Rick Boone, CEO of Boone Labs, Inc. “As our business plans grew and the popularity of concentrate products increased, our goal evolved to become the premium source for high-quality and high-consistency cannabis products in Michigan and beyond. Achieving this goal requires expanding our business operations and becoming vertically integrated to give us full control over quality and consistency from the cultivation side to the wide variety of SKUs we deliver. We’re confident that the trust we’ve built beginning with PurePressure and Kush Masters will extend across the hydrocarbon, distillation, isolation, and cultivation solutions from Agrify. It’s an amazing experience seeing the steps come to fruition for our buildout projected by the end of the year.”
