Agrify Corporation Announces Turnkey Extraction Equipment Deal with Multi-State Operator Justice Cannabis Co. Expanding into New Jersey Market
13 Marzo 2024 - 5:30AM
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 Turnkey
Hydrocarbon Extraction and Lab Equipment Package with Justice
Cannabis Co. (“Justice Cannabis” or the “Customer”), a licensed
multi-state operator with 14 dispensaries around the Country now
expanding into the New Jersey market.
Justice Cannabis has purchased Agrify’s Turnkey
Hydrocarbon Extraction and Lab Equipment Package, which includes a
X10 Hydrocarbon Extractor, Filtration Equipment, a Solvent Recovery
System, a 20L Decarboxylation Package, a Diamond-Miner, and a
Thin-Film Distillation System. In addition, Justice Cannabis has
also purchased Agrify’s UL-Compliant C1D1 Explosion Proof Room to
operate and extract quality products in. Agrify’s safe and easy to
install C1D1/C1D2 extraction rooms are designed to be easily set up
in less than one day and are equipped with a PSI technical report
certification for professional engineers to field verify in all 50
states.
Justice Cannabis Co. was founded in 2014 by
civil rights attorneys in Chicago, Illinois out of a desire to
bring great quality cannabis products for everyone. Since its
inception, Justice Cannabis has been built on the pillars of
adventure and exploration. Through Justice Cannabis’ diverse
product range, dispensary experiences, collaborations and
educational tools, a celebration and showcase of the power of
cannabis to help people feel good together became accessible for
all. Today, Justice Cannabis is licensed across 7 states, including
Illinois, Pennsylvania, Massachusetts, New Jersey, Michigan,
Missouri, and Utah. Justice Cannabis Co. operates three
dispensaries in New Jersey under the name Bloc Dispensary and sells
flower under the Crops brand. Agrify has partnered with Justice
Cannabis to support their approximately 72,000 square feet
cultivation and extraction facility buildout.
Raymond Chang, Chairman and CEO of Agrify,
shared that “It is truly an honor to have the opportunity to work
with the industry leading MSO, Justice Cannabis Co., across
multiple states, and now in New Jersey. Agrify’s team has been
working with Justice Cannabis since the project’s inception in 2022
and is extremely proud to be the partner of choice every step along
the way. We are excited to see the new Justice Cannabis extraction
facility coming to fruition in New Jersey.”
“After working with Agrify on our Illinois
extraction facility, working with them in New Jersey was an obvious
choice.” Says Alexzandra Fields, President at Justice Cannabis co.,
“We have been really pleased with their equipment and are looking
forward to bringing extraction-based products to the New Jersey
market.”
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
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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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