Agrify Corporation (Nasdaq: AGFY) announced this morning that it has completed the acquisition of another cannabis extraction solutions provider PurePressure. The transaction is reportedly for a total consideration of $9 million.
The purchase price consists of $4 million in cash and $5 million in unregistered Agrify common shares. The agreement also stipulates a potential $3 million additional earnout tied to PurePressure’s revenue performance in 2022 and 2023.
PurePressure claims to be an industry leader in rosin presses and solventless extraction technology, as well as providing advanced ice water hash processing equipment. The firm reported $10 million in revenue for 2021.
This acquisition follows Agrify’s recent purchases, Precision Extraction Solutions and Cascade Sciences, which makes it “the largest and the most powerful cannabis and hemp extraction solution provider in the world.”
Agrify last traded at $0.10 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.