• Agrify, a US-listed company offering vertical farming solutions, has signed an agreement with Greenlight Cannabis, a US-based medical and recreational cannabis supplier, to supply Agrify’s vertical farming solutions for the latter.

• According to the agreement, Agrify will install its vertical farming units (VFUs) at all of Greenlights’ growing facilities located across five states and will also provide customer success training and technical and monitoring support. Agrify will receive recurring revenue for its Agrify Insights SaaS cultivation software and consulting services. 

• Following successful delivery of the agreement, Agrify expects to sign a new agreement, which will include full vertical farming facility build-outs at all of Greenlight’s current and future growing centers.

<ul><li> Analyst QuickTake: This announcement comes amidst rising demand for Agrify VFUs. In its FY 2021 earnings update , Agrify reported that revenue was driven by the demand for its VFUs, having exceeded its guidance with new bookings reaching USD 250 million for Q4 2021. As of March 2022, Agrify had installed 3,279 VFUs and reported having a total revenue opportunity worth USD 571 million in the pipeline.</ul>