Benzinga | May 17, 2021 06:02PM EDT

Agrify Reports Partnership With Front Range To Develop Next Gen Cultivation, Genetics Solutions

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, and Front Range Biosciences(r) ("FRB"), a cannabis and hemp genetics platform company that leverages next generation breeding technology and research and development (R&D) capabilities, today announced a signed definitive agreement to push the boundaries of cannabis and hemp genetics via the application and incorporation of technology to the genetic and cultivation processes.

The R&D partnership will be based in California and Colorado, including the installation of Agrify Vertical Farming Units ("VFUs") at FRB's indoor breeding facilities. The primary focus of the program will be optimizing cannabis and hemp cultivation environments to drive the best performance from different genetic cultivars to achieve maximum yield, consistency, and terpene output with minimum variance in cannabinoid levels. The program will focus on unlocking the cannabis derived product potential in both adult use and medical markets by optimizing terpene and cannabinoid combinations.

"Combining our expertise in developing optimized controlled cultivation environments through our proprietary hardware and software technology solutions with FRB's ability to create second-to-none unique cannabis and hemp strains has the potential to transform the market," said Raymond Chang, Chief Executive Officer of Agrify. "This partnership will bring together Agrify's granularly controlled cultivation environments and next-level data analytics with FRB's intentionally created genetics and cutting-edge breeding expertise to form what we believe will be the foundation of the next generation of consumer products with higher levels of consistency and increased concentrations of valuable phytochemicals. We are thrilled to be collaborating with FRB on this initiative and commencing this exciting work together."

"We believe our strategic partnership with Agrify will leverage our innovative breeding platform and broad product pipeline of cannabis cultivars with Agrify's leading cultivation solutions to create an offering that will enable cultivators to deliver on growing consumer demands for unique and appealing new products and experiences," said Dr. Jonathan Vaught, Chief Executive Officer and Co-Founder of Front Range Biosciences. "Our emphasis on terpene content and minor cannabinoids will drive new and exciting flavors and experiences as the cannabis market evolves beyond measuring value simply by the THC content. In addition to enabling consumer product differentiation through genetics, we are also excited to leverage the combination of the two platforms to optimize production and deliver yield improvements for large scale cultivation, enabling more efficient scaling of the industry as legalization continues to open up new markets."