• Agrify, a Nasdaq-listed company offering vertical farming solutions, has signed a definitive agreement with Boone Labs, a Michigan-based cannabis extraction company, to provide cannabis cultivation and extraction solutions for the latter’s new production facility. Boone Labs is reportedly the first customer that will use Agrify’s full suite of offerings including cultivation, extraction, and consumer brands solutions.

• According to the agreement, Agrify will supply 72 vertical farming units (VFUs) integrated with its control software “Agrify Insights”; solventless extraction solutions including its “Longs Peak Rosin Presses'' and “Axis Trichome Separators”; and its “PX1” for hydrocarbon extraction for Boone Labs’ 8,500 sq ft production facility. Agrify will also provide additional services including facility design, distillation, isolation, proven recipes, and operating procedures.

• The deal is valued at USD 2 million, where USD 1.5 million is allocated for Agrify VFUs and the rest for its full range of extraction systems. 

• The facility will initially start out with 72 VFUs due to the current license limiting its capacity to 3,500 plants, but plans to add a further 24 VFUs once Boone Labs acquires an expanded license.

<ul><li> Analyst QuickTake : Agrify previously signed a definitive agreement with Greenlight Cannabis in April 2022 to install Agrify VFUs at the latter’s cannabis growing facilities across five states. The value of the deal was undisclosed. Apart from these partnerships, Agrify also secures Total-Turn-Key (TTK) partnerships , which are large-value deals offering its full range of services including facility build-outs and consulting services, and has secured six such partnerships thus far.</ul>