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Agrify Corporation (NASDAQ:AGFY), a company that provides hardware and software cultivation and extraction solutions for the cannabis and hemp industry, announced on Tuesday that its board of directors has approved a $20 million convertible secured note.
Of that sum $10 million will be drawn upon at closing, from a wholly-owned subsidiary of Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), Agrify said in a press release.
Before this, the Green Thumb subsidiary acquired an ownership stake in Agrify through the purchase of common stock and warrants from its outgoing chairman and CEO Raymond Chang and outgoing director I-Tseng Jenny Chan.
Agrify will continue to operate as an independent business and will not be a participant in the transaction.
Following the transaction and financing, Agrify retains the majority of its existing management team and all of its independent directors.
Meanwhile, simultaneously with financing, Chang opted to step down as chairman and CEO of Agrify while I-Tseng Jenny Chan stepped down from the board.
Agrify named Benjamin Kovler, Richard Drexler and Armon Vakili to replace the outgoing directors, bringing the total number of board members to six.
Kovler, founder, chairman and CEO at Green Thumb, was also appointed to serve as Agrify's chairman and interim CEO following Chang's resignation.
"This is great news for Agrify at a time when the Company needed a capital infusion," Krishnan Varier, a member of the Agrify Board, said. "I am confident that this new investment from Green Thumb and Ben's leadership will provide Agrify the necessary financing support and operational expertise to help position us for growth and long-term value creation for shareholders."
Agrify announced its August financial results for the second quarter ended June 30, 2024, disclosing a revenue of $3 million for the period, compared to $5.1 million in the same period of 2023.
Chang said at the time "We are pleased to report a 15% increase in quarterly revenue and a 54.8% rise in gross profit for the second quarter of 2024 in comparison to the first quarter of 2024.”
Green Thumb, a cannabis consumer packaged goods company and owner of RISE Dispensaries is scheduled to announce its third quarter 2024 financial results on Thursday.
The company said in its second-quarter earnings report made public in early August, which revealed an 11% year-over-year increase in revenue to $280 million that it will continue strengthening its position in the U.S. cannabis market, focusing on operational efficiency, market expansion and long-term value creation for shareholders.
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Agrify's shares traded 40.13% higher at $4.40 per share after the bell on Tuesday.
Green Thumb's shares traded 0.19% higher at $10.70 per share after the bell on Tuesday.
