Denver Greens (Denver, CO) is anticipated to become the new operating partner of Agrify through the acquisition of the total turnkey (TTK) project Greenstone, pending execution of documentation and final approval from the Colorado Marijuana Enforcement Division (MED).
The Agrify TTK Solution is a program in which Agrify engages with qualified cannabis operators to provide critical support, including the design and buildout of cultivation and extraction facilities, providing cultivation and extraction equipment, process design, training, implementation, proven to-grow recipes, product formulations, and data analytics.
Phase 1 of major construction is complete at Denver Greens, an approximately 9,000 sq. ft. facility with plans for both cultivation and extraction. Vegetative and mother rooms have been completed and loaded with plant material in anticipation of a spring planting in 60 of Agrify's double-stacked Vertical Farming Units (VFUs). Final facility approvals are expected by mid-April.
Denver Greens recently entered a distribution agreement with Kush Masters, a family-run and operated supplier of high-quality cannabis products in the state of Colorado with a reputation for providing products and services since 2014. With this, some of Denver Greens' VFU-grown cannabis will be available on the market as pre-rolled joints and flower in approximately 350 Colorado dispensaries.
Additionally, construction plans are being drafted for Phase 2: a facility expansion focused on providing novel SKUs created using Agrify's suite of extraction solutions from iconic brands PurePressure and Precision Extraction Solutions, enabling the creation of both solventless and hydrocarbon-extracted products to captivate the Colorado market. It is expected that this project will begin delivering recurring SaaS revenue in q3, 2023 and production success fees (PSF) in 2024.
"Our partnership with Denver Greens is a milestone for our TTK offering, representing both cultivation and extraction solutions," said Raymond Chang, Chairman and Chief Executive Officer of Agrify. "With the Phase 2 addition of extraction offerings, Denver Greens can leverage data and analytics at every stage of production to meet the ever-evolving market. We look forward to opportunities to bring our solutions to even more customers throughout the world."
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