Agrify Buys Pure Pressure For $9 Million

Agrify Corporation (Nasdaq: AGFY) is buying extraction company PurePressure for $9 million. PurePressure engages in solventless extraction and advanced ice water hash processing in the cannabis and hemp industry. PurePressure was founded in 2015, and its annual revenue for 2021 is currently projected to be approximately $10 million. The deal is expected to close by the end of December 2021, and the acquisition is expected to be accretive in early 2022. Agrify said the acquisition will boost its rapidly expanding extraction division by adding best-in-class solutions to its product mix in two of the fastest growing subcategories in the cannabis and hemp extraction market.

“We are thrilled with the pending acquisition of PurePressure, a company with very impressive solventless extraction solutions, a growing portfolio of intellectual property, some of the best and brightest talent in the extraction industry, a strong product roadmap, and limitless potential,” said Raymond Chang, Chairman, and CEO of Agrify. “We believe superior extraction solutions will be at the core of producing high-quality medical and recreational consumer products consistently, and the expected addition of PurePressure will make Agrify the number one source for the finest extraction solutions on the market in the cannabis and hemp industry.”

PurePressure is located in Denver, Colorado, and offers premium solventless processing products and rosin presses to support any operation, big or small. The PurePressure team said it has worked with over 7,000 customers to date and has developed a superior reputation for quality, reliability, precision, control, and exceptional customer service.

“We are immensely proud of the significant accomplishments we have achieved over the past six years,” said Ben Britton, Co-Founder, and CEO of PurePressure. “We believe that becoming part of Agrify’s platform will provide PurePressure with the valuable resources needed to accelerate our growth and support our product development initiatives.”

The deal consisted of $4 million in cash and $5 million in unregistered shares of Agrify common stock. There is also an additional earnout opportunity that can bring the total purchase price up to $12 million if PurePressure achieves certain financial milestones in 2022 and 2023.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 2 days

We are stoked to open up nominations for the 1st ever GMR Cannabis Tech Awards. They will be announced at the GMR T…

@GreenMarketRpt – 2 days

Flower One’s Revenue Drops In Fourth Quarter, Restructures Debt Payments

@GreenMarketRpt – 2 days

SPACS Losing Their Mojo As Deals Get Pushed Out

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.