• Agrify, a US-listed company offering vertical farming solutions, announced that it has signed a definitive agreement with Olive El Mirage Partners LLC (an Arizonian contract cultivation operator) to support the latter in building a 30,000-square-foot vertical farming facility and to install 400 Agrify Vertical Farming Units (VFUs).

• The deal is valued at around USD 23.8 million which includes USD 9.4 million for the 400 VFUs and the remaining as recurring SaaS revenue for using the Agrify Insights cultivation software over a ten-year period. Apart from this, Olive El Mirage will take responsibility for the construction cost of the facility.

• Via the partnership, Agrify has now entered the Arizona cannabis market.

<ul><li> Analyst QuickTake: The Olive El Mirage partnership follows the company’s two other Total Turn-Key (TTK) solution customer partnerships , which it signed this year, strengthening its presence in Massachusetts. The first partnership was with Bud & Mary’s Cultivation Inc., which involved installing up to 1,200 Agrify’s VFUs, presenting a revenue opportunity of USD 28 million annually. This was followed by True House Cannabis LLC with a total revenue opportunity of around USD 45.3 million over a ten-year period. This month, Agrify also announced that it has continued to upgrade its VFU and unveiled a new and improved microenvironment-controlled VFU, which is expected to commercially launch by Q2 2022.</ul>