TROY, Mich., Feb. 29, 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 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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