Agrify Corporation Announces $500K Turnkey Extraction Equipment Deal with Grotech Farms LLC in Bridgeton, NJ
Agrify (Nasdaq: AGFY) has signed a $500K deal with Grotech Farms , a licensed cannabis operator in Bridgeton, NJ, for a Turnkey Hydrocarbon Extraction and Lab Equipment Package. This package includes a PX10 Hydrocarbon Extractor, Cascade Sciences Vacuum Ovens, a 10L Decarboxylation Package, Diamond-Miners, and a Short-Path Distillation System. Grotech Farms aims to produce a variety of craft concentrates, live resin, and distillate. Additionally, Grotech has purchased Agrify's UL-Compliant C1D1 Explosion Proof Room for safe, quality extraction. Agrify's CEO, Raymond Chang, expressed excitement about the partnership and the continuous adoption of their technologies in New Jersey.
- Agrify secures a $500K deal, boosting revenue.
- The deal signifies strong market demand for Agrify’s extraction technologies.
- Partnership with Grotech Farms, a licensed cannabis operator, enhances credibility.
- Agrify's equipment facilitates the production of high-quality cannabis products.
- Agrify’s C1D1 Explosion Proof Room ensures safe and efficient extraction operations.
- The $500K deal may not significantly impact overall revenue if it's a one-time transaction.
- No specific timeline provided for revenue recognition from this deal.
- The press release lacks detailed financial projections or long-term impact.
Insights
The new deal between Agrify Corporation and Grotech Farms LLC could have a meaningful impact on Agrify’s financial performance. The $
Furthermore, Agrify's ability to secure a deal for a comprehensive suite of high-value equipment indicates proficiency and trust in their products. Investors should monitor how this sale impacts Agrify's quarterly earnings and whether similar deals follow.
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The cannabis industry’s growth, particularly in states like New Jersey that are embracing cannabis legalization, presents a fertile market for companies like Agrify. The deal with Grotech Farms not only reinforces Agrify’s footprint in the burgeoning New Jersey market but also highlights the demand for advanced extraction technology as businesses strive to produce high-quality products. This aligns with broader industry trends where consumers are increasingly looking for refined and consistent cannabis products.
For retail investors, understanding that Agrify is aligning its offerings with market demands is crucial. This deal could serve as a benchmark for future performance and market expansion strategies, demonstrating Agrify’s capability in meeting industry standards and customer needs.
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From a technological perspective, the equipment mentioned in this deal, including the PX10 Hydrocarbon Extractor and Short-Path Distillation Systems, are critical for producing high-quality cannabis extracts. These technologies are essential for creating products like live resin and distillates, which are gaining popularity for their potency and purity. The inclusion of the UL-Compliant C1D1 Explosion Proof Room adds a significant layer of safety and compliance, important for the legal cannabis market.
This deal underlines Agrify's role as a provider of cutting-edge technology in a highly regulated industry. For investors, it indicates that Agrify is not only innovating but also adhering to stringent safety and quality standards, which can be a compelling factor in its long-term success and market positioning.
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TROY, Mich., June 11, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced the signing of a
Grotech Farms has purchased Agrify’s Turnkey PX10 Hydrocarbon Extraction and Lab Equipment Package, which includes a PX10 Hydrocarbon Extractor, Cascade Sciences Vacuum Ovens, a 10L Decarboxylation Package, Diamond-Miners, and a Short-Path Distillation System. Grotech Farms will be creating a wide range of craft concentrates, live resin, and distillate to introduce to the Garden State. In addition, Grotech Farms has also purchased Agrify’s UL-Compliant C1D1 Explosion Proof Room to operate and extract quality products in. Agrify’s safe and easy to install C1D1/C1D2 extraction rooms are designed to be easily set up in less than one day and are equipped with a PSI technical report certification for professional engineers to field verify in all 50 states.
Raymond Chang, Chairman and CEO of Agrify, shared that “We are extremely excited to be Grotech Farm’s extraction technology partner of choice. It’s fantastic to see the continuous adoption of Agrify’s extraction technologies in the Garden State. We are thrilled to be part of the process in creating high quality extracts as a form of plant medicine in partnership with a company that is rooted in quality.”
“We have years of experience working with Precision Extraction equipment and we see them as a perfect fit for our toll processing operation to come online in the very near future.” Says Miriam Porter, CEO at Grotech Farms, “We have been really pleased with their equipment and are looking forward to bringing extraction-based products to the New Jersey market.”
For information about Agrify’s cultivation and extraction technologies, please visit www.agrify.com to learn more.
About Agrify
Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Our proprietary micro-environment-controlled Vertical Farming Units (VFUs), enable cultivators to produce the highest quality products with unmatched consistency, yield, and ROI (return on investment) at scale. Our comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless extraction, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit our website at http://www.agrify.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, statements regarding the consummation of the transaction with Grotech Farms LLC, installation of the equipment, and the receipt of the lifetime of revenue from the agreements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on November 28, 2023, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
Agrify Investor Relations
IR@agrify.com
(857) 256-8110
FAQ
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