Agrify™ Streamlines Seed to Harvest Compliance with Integration of Metrc

Rhea-AI Summary

Agrify Corporation has enhanced its Agrify Insights™ software by integrating Metrc, a compliance tracking solution used in 15 states. This integration adds regulatory tracking and compliance features, enabling cultivators to optimize their operations while ensuring adherence to legal standards. The platform allows real-time data synchronization between Agrify Insights and Metrc, automating key processes like strain information and harvest yields. Agrify aims to roll out this functionality across all certified states, supporting clients in achieving greater efficiency and operational effectiveness.

Positive

• Integration of Metrc enhances Agrify Insights with regulatory tracking capabilities.
• Improved efficiency for clients through automated data synchronization with Metrc.
• Available in Massachusetts, Colorado, and Nevada, with plans for a broader rollout.

Negative

• None.

Agrify’s Cultivation Software Strengthened with Regulatory Tracking and Compliance System

BURLINGTON, Mass., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced that it has integrated Metrc with its Agrify Insights™ software platform. This integration further strengthens Agrify’s software capabilities by adding regulatory tracking and compliance functionality to Agrify Insights’ many other core features, which allow cultivators to optimize growing environments with the goal to achieve the highest quality, consistency, and yield, all at the lowest possible cost.

Metrc is a regulatory compliance tracking and management solution used by 15 states and the District of Columbia to track cannabis from seed to sale. At launch, the Metrc integration is an offered feature in Agrify Insights and is approved for use in Massachusetts, Colorado, and Nevada through Agrify’s Agxion, Inc. subsidiary. In the coming months, Agrify plans to roll out Agrify Insights with the Metrc integration in every state that it is certified for use.

“Our cutting-edge cultivation software provides real-time monitoring, control, and management of our clients’ operations while delivering actionable insights into production optimization,” said Raymond Chang, Chief Executive Officer of Agrify. “We follow a customer-centric approach and continuously evaluate how we can best optimize our software platform to help clients achieve high levels of efficiency in their business. Compliance management software is a vital aspect of the cannabis industry, and with this new Metrc integration, we believe clients will have a complete backend solution to help them achieve operational efficiencies.”

The Agrify Insights platform seamlessly shares data with Metrc in the following ways:

• Information about cannabis strains is automatically synchronized between Agrify Insights and Metrc
• Harvest yields entered into Agrify Insights is uploaded to Metrc
• Facility locations defined in Agrify Insights can be uploaded to Metrc with the press of a button
• Metrc items can be defined in Agrify Insights or imported from Metrc into Agrify Insights
• When new lifecycles are started in Agrify Insights, a new plant batch is created in Metrc
• When plants are transplanted from the Integrated Grow Racks (IGR) into a Vertical Farming Unit (VFU), the plant batch location and plant batch growth phase are both updated in Metrc
• Plant tags in Agrify Insights are synchronized with plants in Metrc
• Plants in vegetative and flower phases marked as “destroyed” in Agrify Insights are also marked as “destroyed” in Metrc
• Harvest weights and lab test results are automatically downloaded from Metrc into Agrify Insights where the data can be easily analyzed and plotted on 10 different types of charts
  

To learn more about Agrify Insights and the recent Metrc integration, please contact Agrify directly at (617) 896-5243 or sales@agrify.com.

About Agrify (NasdaqCM:AGFY)
We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com.

Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our intiial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Company Contacts:

Agrify
Niv Krikov
Chief Financial Officer
niv.krikov@agrify.com
(617) 896-5240

Rob Kelly
Investor Relations
rob@mattio.com
(416) 992-4539

FAQ

What is the significance of Agrify's Metrc integration for AGFY stock?

The Metrc integration enhances Agrify's software capabilities, which may improve operational efficiency for clients, potentially leading to increased demand for AGFY's services and positively impacting stock performance.

When will Agrify's Metrc integration be available in other states?

Agrify plans to roll out the Metrc integration in all states where it is certified for use in the coming months.

How does Metrc integration benefit cannabis cultivators using Agrify software?

The integration provides real-time data synchronization and compliance tracking, allowing cultivators to streamline their operations and maintain regulatory compliance efficiently.

Which states currently support Agrify's Metrc integration?

The Metrc integration is currently approved for use in Massachusetts, Colorado, and Nevada.