• Agrify, a US-listed company offering vertical farming solutions, announced that it has entered into a 10-year definitive agreement with its customer Kief USA, LLC (a Massachusetts-based tier 11 cultivator and manufacturer). This is Agrify’s fourth Total Turn-Key (TTK) solution customer and the third in Massachusetts. 

• Agrify will support the building of Kief USA’s 84,000-square-foot facility and is expected to install 485 vertical farming units alongside providing financial support. Agrify will also provide required architectural and engineering services, construction, operations consulting, and brand licensing services to Kief USA alongside obtaining recurring SaaS revenue. 

• According to Agrify, this agreement will generate more than USD 68.7 million in revenue over the first three years once the facility commences cultivation. 

<ul><li> Analyst QuickTake: The company appears to be increasing its focus on the Massachusetts market to expand its presence. Prior to Kief USA, it secured two other TTK solution customer partnerships in Massachusetts and one in Arizona this year. The first partnership was with Bud & Mary’s Cultivation Inc., which involved installing up to 1,200 Agrify 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. The recent Arizonian partnership with Olive El Mirage Partners LLC involves a deal 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 over a ten-year period.