AGFY - Agrify Corporation Announces $3.4 Million Sales Order From New Jersey Woman-Owned Business HarvestWorks Farm | Benzinga
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 ...