Nasdaq traded Agrify Corporation, a vertically integrated provider of cultivation and extraction solutions for the cannabis and hemp industry, will be announcing its largest Agrify Total Turn-Key Solution partnership to date.
Anticipated to generate more than $140 million in revenue over the first three years of cultivation, and more than $400 million over the full 10-year partnership, the deal with Florida-based medical marijuana treatment center Gold Leaf Florida marks Agrify’s first partnership in the Sunshine State.
Under the terms of the agreement, Agrify will install 1,510 of its Vertical Farming Units at Gold Leaf’s facility, where 100,000 square feet will be dedicated to VFU cultivation. In addition, Agrify will provide architectural and engineering services, its Agrify Insights cultivation software on a SaaS basis, operations consulting and brand licensing.
Gold Leaf, one of only 16 active operators in Florida, said it plans to build four additional 200,000-square-foot facilities and open 20 dispensaries in the state by 2024. The company also has the option to engage with Agrify for construction financing.
“Our partnership with Gold Leaf is a milestone achievement that represents even further validation of our novel TTK program given the scale and economic value of the deal. By partnering with Gold Leaf in the early stages of their organization’s cultivation journey, we will play an instrumental role in helping their team fulfill their mission of supplying the medical market with the quality cannabis and consistent experiences patients and physicians have come to demand,” said Raymond Chang, chairman and CEO of Agrify.
Chang also expressed excitement about “entering the robust Florida medical cannabis market, the nation’s largest.”
Mark Seid, executive vice president of Gold Leaf, added, “We believe Agrify’s TTK program will enable us to provide quality product and consistent patient experiences that will give us the competitive edge needed to remain a leader in Florida’s growing medical cannabis market.”