Agrify Corporation (NASDAQ:AGFY) has signed a definitive agreement with BioCann Pharmaceutical Company, LDA, a prominent cannabis cultivator located on the island of Madeira, in Funchal, Portugal.
Deal Details
Under the terms of the agreement, Agrify will install 190 VFUs for BioCann's 25,000 sq. ft. state-of-the-art cultivation facility along with access to the Agrify Insights cultivation software.
BioCann will be purchasing Agrify's cultivation equipment for $4 million and a 5-year SaaS agreement for Agrify Insights for $2.1 million.
The first set of 10 VFUs will be installed in the next three months, with the remaining 180 units scheduled for Q1, 2023.
Why It Matters?
Located in Portugal with easy access to distribution routes throughout Europe, BioCann is well-positioned to quickly accelerate its growth throughout the region.
By employing Agrify's Vertical Farming Units with the fully integrated Agrify Insights software, BioCann will have precise control over its cultivation operation along with the accompanying data to prove active ingredient levels, producing consistent, high-quality cannabis with exceptional ROI.
What's Next?
Manuel Luis Pereira, CEO of BioCann Pharmaceutical Company, LDA, said that "BioCann is a new type of medical cannabis company led by knowledge and passion where we believe the application of technology can revolutionize the reach and application of cannabis for medicinal purposes."
Raymond Chang, CEO of Agrify, is "thrilled to begin introducing our advanced cultivation and extraction solutions to the European market through our customer engagement with BioCann."
"With many countries moving towards legalization and the European cannabis market being one of the largest in the world, the European Union represents a significant market opportunity for Agrify, and we look forward towards additional international expansion," he said.
To meet Raymond Chang in-person, sign up for the Benzinga Cannabis Capital Conference in Miami, where he is a speaker among many other top names in the cannabis industry. Click here for more info.
Related News
- Agrify Announces Its First Total Turn-Key Agreement In New Jersey With Loud Wellness
- Agrify's Shares Slightly Down On Greenlight Cannabis Partnership To Accelerate Vertical Farming Unit Adoption
- Blazing a New Trail — Is Agrify Becoming the Cannabis and Hemp Industry's Most Complete Solution Provider?
Photo: Courtesy of Photo by Esteban Lopez on Unsplash
