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
multi-year cultivation and extraction deal with HarvestWorks Farm,
New Jersey (“HarvestWorks Farm” or the “Customer”), a licensed New
Jersey operator. The multi-faceted transaction includes a $3.4
million cultivation and extraction order for 156 of Agrify’s
Vertical Farming Units (or “VFUs”) and a complete Turnkey Pure
Pressure Solventless extraction Lab Package, a 2-year Service
Support Agreement at $350 per pound Production Success Fees (or
“PSF”), and a 5-year of approximately $1 million SaaS Fee
Agreement.
HarvestWorks Farm is a woman-owned company
founded by CEO and entrepreneur, Rita Ruggieri, a New Jersey
resident. HarvestWorks Farm was one of the first operators licensed
for cannabis cultivation and manufacturing in the Garden State and
is dedicated to the cultivation and processing of exceptional
quality cannabis products for provisioning centers and distributors
as a wholesale contract manufacturer as permitted by the state of
New Jersey Cannabis laws and regulations.
Raymond Chang, Chairman and CEO of Agrify,
shared that “Agrify is pleased to have the opportunity to work with
Rita and her amazing team at HarvestWorks Farm in this fast-growing
and exciting new market. Rita is a proven, successful, and an
award-winning serial entrepreneur with deep knowledge and passion
in the Cannabis industry. Agrify is excited to be HarvestWorks’
partner of choice. Together, we will work to bring the some of the
most innovative and high-quality products to the Garden State.”
HarvestWorks Farm has recently completed their
6-day on-site advanced solventless training program with the Senior
Training Manager for Solventless Extraction. During the course of
the training program, Agrify’s team guided HarvestWorks Farm’s
staff through production and manufacturing of some of the most
unique and exciting Live Resin and Live Rosin concentrates the
market. The HarvestWorks Farm team was trained in all processes
relating to Hash Washing, Freeze Drying, Pressing, Jar Tech,
Mechanical Separation, and Vape Cart Formulation techniques to
produce the finest quality Ice Water Hash, Live Rosin, Jam,
Diamonds, Sauces, Rosin Vape Pens, and other textures. HarvestWorks
aims to introduce a multi-faucet of products into the New Jersey
market by early summer of 2024.
In addition, HarvestWorks Farm will be deploying
70 double stacked VFUs in their approximately 20,000 square feet
(about four times the area of a basketball court) building in
conjunction with their extraction lab. Phase two of the operation
will include another approximately 80+ VFUs in an adjacent
building. HarvestWorks Farm has elected Agrify’s Service Support
Program whereby a dedicated Agrify Customer Success Manager will be
on site to provide operational support, optimizations, and quality
control during the first two years of operation. In return, Agrify
would receive a yield-based Production Success Fee of $350 per
pound of flowers produced. Agrify estimates that the VFU would
produce an average of 40 pounds of top-quality flowers per
year.
“Agrify’s team has been a pleasure to work with
- from designing and engineering to installation of the equipment
in our facility. HarvestWorks Farm is excited to optimize strain
specific recipes in Agrify’s VFUs, coupled with the data from
Agrify Insights software, to produce scalable, consistent, and
high-quality cannabis products for a young, dynamic, and rapidly
growing New Jersey adult market” said Rita Ruggieri, CEO of
HarvestWorks Farm.
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 HarvestWorks Farm,
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
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