Marijuana Growing Solution Provider Agrify Gets $20M Boost From Green Thumb To Power Up Cannabis Tech And New Leadership
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 …