Agrify announces third Massach – GuruFocus.com
BILLERICA, Mass., November 08, 2021 (GLOBE NEWSWIRE) – Agrify Corporation (AGFY, Financial) (âAgrifyâ or the âCompanyâ), a vertically integrated provider of premium cultivation and extraction solutions for the cannabis and hemp industry, today announced that it has signed a Definitive Agreement (l “Agreement” with its third Agrify Total Turn-Key Solution Customer (“Agrify TTK Solution”), Kief USA, LLC (“Kief USA”). Kief USA will be a Level 11 grower and manufacturer based in Attleboro, Massachusetts, and will be a fully integrated cannabis operator with additional retail operations, upon receipt of all necessary licenses.
Under the terms of the agreement, Agrify entered into a 10-year agreement with Kief USA which includes the installation of 485 vertical agricultural units (âVFUsâ) at the 84,000 square foot facility of Kief USA, as well as services for architecture and engineering. , construction, recurring SaaS revenues, operational consulting and brand licensing. Kief USA will provide 20% of the total construction cost of $ 24 million, with Agrify, or Agrify’s designated financial partner, to provide senior financing for the remaining 80% of the construction cost at 16.5% APR, which will be reimbursed within 24 months of the start of first commercial production at installation. Kief USA has also pledged to contribute 20% of all VFU hardware costs. The partnership is expected to generate more than $ 68.7 million in revenue for Agrify over the first three years of the deal, once cultivation begins.
âWe are proud to expand the Agrify Total Turn-Key Solution program, and look forward to working with Kief USA as the third Massachusetts-based TTK partner,â said Raymond Chang, CEO of Agrify. âWith retail cannabis sales exceeding $ 2 billion in Massachusetts this year1, I am confident that our partnership will allow Kief USA to provide consumers with the quality cannabis and consistent experience they demand. This exciting new addition to our program is expected to further increase our market share and improve long-term shareholder value. “
âKief, as a women-owned and minority-owned family business, will soon be relocating to Massachusetts, and this is just the beginning of our history on the East Coast,â said Ali Lee, COO of Kief USA. “Through our partnership with Agrify, we aspire to provide quality products and consistent consumer experiences, with personalized service and our community and mother planet at heart.”
1 Massachusetts marijuana establishments exceed $ 2 billion in gross sales, https://masscannabiscontrol.com/2021/09/massachusetts-marijuana-establishments-surpass-2-billion-in-gross-sales/, September 1, 2021
About Agrify (AGFY, Financial)
Agrify is a vertically integrated provider of premium cultivation and extraction solutions for the cannabis and hemp industry. Our proprietary Micro-Environment Controlled Vertical Agriculture (VFU) units enable our customers to produce the highest quality products with unmatched consistency, yield and return on investment at scale. Agrify brings data, science and technology to its customers for unprecedented control over cultivation and extraction. For more information, please visit Agrify at http://www.agrify.com, and Precision Extraction, a division of Agrify, at http://www.precisionextraction.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. , regarding Agrify and other matters. All statements in this press release that do not relate to historical fact should be considered as forward-looking statements, including, without limitation, statements regarding our customer relationship with Kief USA, the efforts of Kief USA to obtain the necessary operating licenses, the expected revenues from the agreement, the project timelines and our ability to provide solutions and services. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expects”, “plans”, “anticipates”, “may”, “” plans ” , “consider”, “believe”, “estimate”, “predict”, “potential” or “continuing” or the negative of these or other similar expressions. The forward-looking statements contained in this press release are only predictions. We have based these forward-looking statements in large part on our current expectations and projections regarding future events and on the terms and conditions mutually agreed upon in the definitive agreement between Agrify and Kief USA. Forward-looking statements involve known and unknown risks. , uncertainties and other material factors that may cause our actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied covered by 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 (âSECâ), including under the heading âRisk Factorsâ in our annual report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC, which can be obtained from the SEC’s 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 forward-looking statements, whether as a result of new information, future events or otherwise. You are, however, advised to review any other disclosures we make on related matters in our public announcements and documents filed with the SEC.
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