Agrify Receives Hemp Cultivation and Production License, Opens New Facility and Product Showcase in Billerica, Massachusetts

 Agrify Corporation (NasdaqCM: AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, today announced that it has received a license from the state of Massachusetts for the cultivation and production of industrial hemp (the “License”) at the Company’s Billerica, Massachusetts facility (the “Facility”). Under the License, Agrify expects to cultivate up to 3,000 plants per year. Concurrent with the receipt of the License, the Company also announced it has officially opened its product showcase and corporate office at the Billerica location to customers and visitors.

Cultivation at the Facility is slated to begin in August 2021 with the programs initially focusing on the optimization of chemical metabolite production, increasing biomass, and delivering cultivation grow plans designed to elicit specific chemotypic and phenotypic trait expression in hemp plants. The newly opened Facility features eleven Vertical Farming Units (“VFUs”) and one Integrated Grow Rack, each highlighting the impact that Agrify’s VFUs have on quality, consistency, and yield in hemp cultivation. The Billerica center will provide a venue for research, training, hands-on education, and the optimization of processes that will improve the outcomes and success of Agrify’s customers.

“Research and development is at the core of our business and our new License represents an important next step in our pursuit to gain deeper insights into the cannabis plant while further optimizing our indoor grow solutions for high-quality, high-potency, reliable cultivation,” said Raymond Chang, CEO of Agrify. “I am thrilled to announce that we have opened our new Billerica office and research and cultivation facility, which will enable both current and potential customers to experience our technology in action firsthand.”

Mr. Chang added, “Providing our customers the opportunity to interact with our advanced cultivation solutions will serve to educate them about our technology and our tech-forward approach to addressing the current and future needs of the growing cannabis and hemp industry.”

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