Hello Everyone,
We have seen some exciting profiles in February that have shown us some serious movement. I will update you on over the weekend before my next profile
We have another new profile that we wanted you to research for Friday's session. This is a company that we have never profiled in the past but are excited to do so.
Pull up AGFY immediately.
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.
We saw this one explode all the way up to .74 on huge interest during Thursday's session are releasing explosive news that caught The Street's attention, causing it to have the company's 2nd highest volume in the past year.
Agrify Corporation Announces $3.4 Million Sales Order From New Jersey Woman-Owned Business HarvestWorks Farm
Deal Includes Additional Multi-Year Production Success and SaaS Fees
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.
Read the full report here: https://www.insiderfinancial.com/profile/agfy
Sincerely,
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