[PRESS RELEASE] – TROY, Mich., Jan. 6, 2025 – Agrify Corp., a number one supplier of branded leading edge answers for the hashish and hemp industries, introduced the Corporate has signed an settlement for and closed the sale of its cultivation trade to CP Acquisitions LLC (CP), an entity affiliated with Raymond Chang, the corporate’s former chairman and CEO (the “transaction”). The transaction comes to the sale of the Agrify cultivation trade and belongings, the idea of liabilities associated with the cultivation trade by way of CP, and the termination of 2 convertible notes held by way of CP totaling roughly $7 million.
On Dec. 31, 2024, Agrify signed an asset acquire settlement for the transaction with CP and concurrently closed the transaction. Below the asset acquire settlement, CP agreed to obtain all belongings associated with the cultivation parts of the Agrify trade from the corporate, together with however now not restricted to the corporate’s vertical farming devices (VFUs), the similar Agrify total-turnkey (TTK) answer belongings and Agrify InsightsTM device answers (jointly the “cultivation trade”).
“We are happy to finish the sale of Agrify’s cultivation trade and to simplify our trade,” Agrify Chairman and Period in-between CEO Ben Kovler stated. “We consider center of attention drives excellence and this transfer permits us to concentrate on extra horny expansion classes tied to THC call for. This contains hemp-derived THC Delta 9 (HD9) drinks and our wonderful beverages like Señorita, the award-winning THC Margarita to be had in 9 states and on-line direct to customers.”
Kovler stated, Señorita, the rustic’s main THC Margarita is an all-natural, low-calorie, great-tasting alcohol choice that gives an increased enjoy. On this Dry January, Señorita seems like an obtrusive selection for The usa (www.senoritadrinks.com). Promoting the cultivation trade permits Agrify to concentrate on the longer term, which we consider contains Más Señorita.”
Chang stated, “I’m happy to proceed the cultivation trade, and the separation of trade segments will permit every birthday celebration to higher listen their efforts going ahead.”
