Agrify Expands Relationship with Current Customer Nevada Holistic Medicine, Further Increases Presence in Attractive Nevada Market – Yahoo Finance

$12 million contract includes cultivation facility build-out fees and five years of SaaS revenue

BURLINGTON, Mass., June 24, 2021 (GLOBE NEWSWIRE) — Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, today announced it has entered into a definitive agreement with current customer Nevada Holistic Medicine LLC (“Nevada Holistic Medicine”) for the build-out of their 12,400 square foot state-of-the art facility. Under the terms of the agreement, Agrify will provide architectural, engineering, construction and horticultural consulting services, installation and lease of 140 Vertical Farming Units (VFUs), and five years’ use of the Agrify Insights™ software platform in exchange for at least $12 million of production-based and monthly SaaS fees.

The new agreement with Nevada Holistic Medicine further expands Agrify’s presence in the lucrative Nevada market, a market which is expected to continue to undergo significant growth amid high levels of consumer demand.

“Cultivators increasingly realize that by harnessing data and utilizing our advanced cultivation solutions, they can maximize yields while still consistently producing extremely high-quality cannabis. We continue to see existing customers expanding their mandates with us as they experience the tremendous results our solutions deliver,” said Raymond Chang, CEO of Agrify. “We are extremely pleased to further expand our relationship with Nevada Holistic Medicine and look forward to working with them as they increase their cultivation footprint to capitalize on high levels of consumer demand amid rising tourism rates in the popular Las Vegas region.”

“Nevada Holistic Medicine is committed to growing consistently high-quality flower and the Agrify solution is the one that best enables us to grow the superior quality products that customers demand,” said Jordan Pilkington, General Manager of Nevada Holistic Medicine. “We are incredibly excited to continue our work with the Agrify team

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