Agrify Corporation announced a key development on November 12, 2024, revealing its intention to acquire certain assets from Double or Nothing LLC, the creator of the Señorita brand of hemp-derived legal THC (HDLT) beverages.
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Agrify plans to execute this acquisition in exchange for 530,000 shares of its common stock or equivalent, with an expected close before year-end.
Agrify’s Interim CEO, Ben Kovler, highlighted the potential growth in HDLT beverages as a promising alternative to alcohol, fueled by strong consumer demand. He praised Señorita, a brand co-created by winemakers Charles Bieler and Joel Gott, for its quality and distinct flavors, including margarita-inspired beverages in classic and mango varieties. These drinks, available in the U.S. and Canada, provide a low-sugar, low-calorie option for consumers seeking cannabis-infused alternatives to alcohol.
This acquisition aligns with Agrify’s strategic focus on leveraging its strong balance sheet to enter emerging markets within the cannabis sector. If the transaction proceeds, it will include the issuance of 530,000 new shares, which would increase Agrify’s outstanding shares and add to its existing debt obligations, which currently stand at $17 million.
Agrify provides advanced solutions to the cannabis industry, including its micro-environment-controlled Vertical Farming Units (VFUs) for high-quality crop production, along with a suite of extraction products.
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