BILLERICA, Mass., March 23, 2023 (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 that construction is complete at the much-anticipated cultivation build out at its customer Nevada Holistic Medicine. The facility is prepared for final inspections, with flower production expected to commence in April, which Agrify expects will mark the beginning of high-margin recurring SaaS and Production Success Fees from the use of its Vertical Farming Units at the facility.
Nevada Holistic Medicine’s 11,200 sq. ft. cultivation facility is located just minutes off the Las Vegas strip. Vegetative and mother areas are finished and have been filled with plant materials to prepare for the loading of Agrify Vertical Farming Units (“VFUs”) in April. 132 version 3.6 VFUs, each with multiple vertical growing levels and individual microclimate controls, are ready to receive plants.
All engineering and construction drawings have been submitted in preparation for final inspections. It is expected that this project will begin delivering both production success fee and recurring SaaS revenue to Agrify in Q3 of 2023.
At 132 VFUs, Nevada Holistic Medicine expects to generate thousands of pounds of high-quality premium flower per year. Some of this VFU-grown cannabis will be distributed as top-shelf flower at their dispensary, Vegas Treehouse in Las Vegas. “Part of what I as a director would like to focus on is addressing the needs of medical patients,” says Nick Rees, head grower and facility manager at Nevada Holistic Medicine. “You will never have a recreational customer disappointed that they got medical quality cannabis, but you will have medical patients disappointed that they can’t find medical quality cannabis.” With a mission of enriching the lives of those in local communities, the goal is for this medical-grade cannabis to be accessible to locals and visitors; anyone who is in need and can benefit from this amazing plant. This focus on providing real benefits for patients and consumers aligns with the Vegas Treehouse mission of “enriching our local communities through the healing power of cannabis” and “helping people and doing good for our friends, families, and neighbors.”
In addition to selling flower, Nevada Holistic Medicine will offer rooted clones via facility to facility transfer to other commercial nurseries within the state of Nevada, in compliance with Nevada state law. These clones will be available to operations needing new high-demand genetics and those requiring plants to maintain a production schedule due to interruption from clone practices, equipment failure, or disease. With the ability to create precise microclimates in a VFU and capture all data via integrated Agrify Insights™ cultivation software, Nevada Holistic Medicine will be able to phenohunt and execute side by side testing at scale, creating precise recipes to optimize the health of new genetics. All plants will be virus tested on the day of delivery with Agdia test equipment to ensure clones are HpLVD free.
“The completion of this cultivation facility is a milestone in our partnership with Nevada Holistic Medicine,” said Raymond Chang, Chairman and Chief Executive Officer of Agrify. “With 132 VFUs, Nevada Holistic Medicine has the ability to realize fully-fledged, medical grade flower production while also honing new genetics for their groundbreaking facility to facility clone transfer program.”
“Agrify’s focus on delivering data-driven solutions to operators is realized through the VFU integration with Agrify Insights as well as integration to state traceability software, providing the tools for precise control, data collection, and analysis that will allow Nevada Holistic Medicine to deliver consistent, medical grade product to their customers.”
About Agrify (Nasdaq:AGFY)
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 high quality products with unmatched consistency, yield, and ROI at scale. Our comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit Agrify at www.agrify.com.
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 timing of the Nevada Holistic Medicine facility coming online and the expected production amount, fees, revenue and margins to be realized from that facility, the expected long-term growth of the cannabis industry, and Agrify’s ability to deliver solutions and services, including the development of new solutions. 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. Agrify has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its 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 filed for the year ended December 31, 2021 with the SEC, 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.
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