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 supply Ora Pharm, a Waikato, New Zealand-based health and wellness company developing high-quality, sustainably-produced medicinal cannabis, with a full suite of end-to-end hardware and software products to be utilized at a 5,000-square-foot facility in Auckland, New Zealand.
Under the terms of the Agreement, which has a base value of $1.625 million, Ora Pharm, a licensed cultivator and distributor of medicinal cannabis, has committed to purchase 20 Vertical Farming Units(“VFUs”) that will be used to grow cannabis, as well as several cutting-edge extraction technologies including a C1D1 Extraction Pod, a C-15 Centrifuge Extraction System, and the CannaBeast® 13 Thin Film Distillation System. In addition, Agrify will provide access to the fully integrated Agrify Insights™seed to sale automation software for five years in exchange for monthly recurring SaaS fees. All of these cultivation and extraction solutions will form a robust ecosystem to give Ora Pharm complete and precise control over the full life cycle of its botanicals from new plants to finished products and should enable Ora Pharm to achieve new operational efficiencies and better overall results.
With the rapid emergence and expansion of cannabis markets around the world, the global cannabis industry is on track to reach $35 billion this year and is projected to surpass $61 billion by 2026, according to BDSA. Located in the Asia-Pacific region, Ora Pharm is well positioned to easily serve a variety of attractive markets with high-quality cannabis products. The company currently has an Australian market presence and contracts to strategically expand into the United States, Europe, Asia, and its home country of New Zealand. Additionally, Ora Pharm has recently received a coveted grant from Callaghan Innovation to research cannabis cultivation inputs in New Zealand. By employing Agrify’s solutions, Ora Pharm will gain new operational insight and data visibility to verify active ingredient levels. The partnership with Agrify also supports the continuation of Ora Pharm’s broader mission to consistently deliver high-quality cannabis and manufactured finished products of major and minor cannabinoids.
“Quality and consistency are frequently cited as top priorities for the world’s leading cannabis operators, and it is absolutely imperative for companies like Ora Pharm that are dedicated to patient care and supplying the market with medicinal cannabis and CBD products to do everything possible to foster pleasant user experiences and repeatable results,” said Raymond Chang, CEO of Agrify. “Furthermore, for our international customers that must contend with higher Good Manufacturing Practice (“GMP”) standards, it is especially critical for them to leverage cultivation and extraction solutions that offer precise control and data collection. At Agrify, one of our core goals is to provide our customers with the tools needed to maximize quality, consistency, and yields, all at the lowest cost of production, and we believe that our cultivation and extraction solutions will be instrumental in helping Ora Pharm become a leader in the cannabis sector for many years to come. Within the last few months, we have successfully entered two new international markets, first Portugal and now New Zealand, and as cannabis liberalization and legalization movements continue to gain momentum globally, we intend to achieve even more strategic growth abroad in the future.”
“From the inception of Ora Pharm, I have placed a relentless focus on leveraging the most efficient and technologically advanced solutions to empower us to deliver premium industry products to our patients and global customers,” said Zoe Reece, Founder and CEO of Ora Pharm. “We look forward to further enhancing our capabilities in a major way with the addition of these Agrify technologies. The Agrify VFUs and clean extraction technologies will help Ora Pharm’s research and development program in the minor cannabinoids, ensuring that we are able to produce the best quality and value medicinal cannabis.”
