Agrify Announces its First Total Turn-Key Agreement in New Jersey with Loud Wellness

Agrify Announces its First Total Turn-Key Agreement in New Jersey with Loud Wellness
CANNANNEW REPORT

500 of Agrify’s Proprietary Vertical Farming Units to Be Installed at Loud Wellness’ Glassboro, NJ Facility Agrify Projects Approximately $118 Million in Revenue Over the Next 10 Years BILLERICA, Mass., April 11, 2022 (GLOBE NEWSWIRE) — Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, announced it has signed a definitive agreement for its Agrify Total Turn-Key Solution (“Agrify TTK Solution”) with Loud Wellness Inc. (“Loud Wellness”), a New Jersey-based cultivation and manufacturing operator. Loud Wellness is one of only eight awardees that received both the Class 1 Cultivator and Class 2 Manufacturer licenses in New Jersey. With the nascent New Jersey recreational cannabis market expected to top annual sales of $2 billion within a few years to rival neighboring New York and Massachusetts as reported by MJBizDaily, Loud Wellness is very well positioned to capture market share. As one of only eight vertically integrated operators in New Jersey with both cultivation and manufacturing licenses, Loud Wellness is hoping to leverage the technology, services, and support offered through the Agrify TTK Solution to produce the highest quality and most diversified product portfolio ranging from top premium flowers to other concentrated products. In addition, Loud Wellness has joined forces with Rowan University to study cannabis cultivated using Agrify’s Vertical Farming Units (“VFUs”) with the goal of uncovering the plant’s benefits at a deeper level. Lastly, Loud Wellness is led by a team of highly capable, experienced individuals committed to success including Turk McBride, former NFL player and pioneer in the cannabis industry, and Pedro “Pete” Demorejon, Cultivation Manager, former MLB pitcher, and cannabis industry veteran personally holding more than 100 cultivars and former director of Florida’s first legal grower. The terms of the 10-year agreement entered into with Agrify include the installation of 500 VFUs,…

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Source : Agrify Announces its First Total Turn-Key Agreement in New Jersey with Loud Wellness

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