Agrify has completed its acquisition of all outstanding shares of TriGrow Systems and, indirectly, 75 percent of its subsidiary TriGrow Brands.
"TriGrow is backed by leading cannabis industry venture funds including Poseidon Asset Management and Arcadian Funds, and is currently the exclusive distributor of Agrify’s fully automated, micro-climate, precision-controlled vertical farming unit (VFU) solution to indoor cannabis cultivators," the team with the company explain. "TriGrow Brands is a majority-owned subsidiary of TriGrow Systems that licenses a portfolio of cannabis consumer brands, which includes Western Cultured, Dawg Star, Waxtronaut and Twisted Legion."
“Agrify’s highly strategic acquisition of TriGrow sets the stage for an exciting 2020,” stated Founder and Chief Executive Officer Raymond Nobu Chang of Agrify. “With TriGrow, we accelerate our plans to build a powerful, single-source gateway to the high-growth cannabis markets with fully-integrated indoor farming solutions and services.”
“We can now offer a full range of solutions and services designed to overcome key industry challenges, including crop inconsistency and quality; slow return on investment; and lack of funding,” stated CEO Chang. “This will enable significant cross-selling and up-selling opportunities and provide a boost to the strong growth we expect this year.”
Together, the companies will offer a comprehensive portfolio of products and services that help cultivators rapidly scale up operations, improve business performance and build brand value.
“Both teams worked hard to ensure this merger kicked off the new year, and we believe our unified team will bring even more in terms of excellent service and offerings to the industry,” said Emily Paxhia, co-founder and managing director of Poseidon Asset Management. “This election year could result in over a dozen new legal markets in the U.S. alone. Our investments in this platform and technology should be very well-positioned to deliver on the expected consistency and quality in this rapidly growing industry.”
For more information:
Agrify
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agrify.com