Benzinga | Jul 6, 2021 07:06AM EDT

Agrify Enters into Multi-Year Vertical Farming Research and Development Partnership with Curaleaf

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, today announced that it has signed a definitive Collaboration Agreement ("the Agreement") forming a long-term research and development ("R&D") partnership with Curaleaf Holdings, Inc. ("Curaleaf"). Curaleaf is one of the largest multi-state operators ("MSOs") in the United States and the largest vertically integrated cannabis company in Europe as Curaleaf International.

The research will be focused on evaluating the impact of certain environmental conditions created and controlled by Agrify's Vertical Farming Units ("VFUs") and Agrify Insights(tm) software platform on harvest yields, plant terpene profiles, and flavonoid concentrations. It will also explore and analyze techniques to enhance the aesthetic appeal, aroma, and overall chemical profile of cannabis flower. In addition, the joint research team plans to study the effect of regulated environments on the overall health and longevity of cannabis plants, including research on the maturation of the chemical profile of the plants over their lifecycle.

"We are thrilled to announce our first MSO collaboration and honored to partner with Curaleaf to advance this important research," said Raymond Chang, Chief Executive Officer of Agrify. "Curaleaf is a cannabis industry leader, and our shared research will demonstrate the critical importance that an optimally controlled environment can play on the cultivator's ability to consistently produce high-quality flower. I am proud to showcase our cutting-edge indoor vertical farming grow cultivation technology and assist Curaleaf in growing the high-quality, consistent cannabis they are known for in the most cost-effective manner possible."

"Since our inception, we have been committed to providing our customers with premier and innovative cannabis products and experiences, with a relentless drive for quality," said Joseph Bayern, Chief Executive Officer of Curaleaf. "The cultivation environment plays a critical role in the plant's chemical composition, and we believe this research will help to further increase understanding of the conditions required to optimize a plant's genetic potential."

Under the terms of the Agreement, Agrify will supply its VFUs and provide use of the Company's Agrify Insights(tm) software platform for a period of three years at Curaleaf's primary R&D facility located in Massachusetts, with an option to extend another three years. The collaboration combines Agrify's technology and expertise in creating optimized cultivation environments with Agrify Insights(tm)-based data and Curaleaf's expertise in cultivation and production of quality cannabis products. All test data collected by Agrify Insights(tm) will be jointly owned.