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AGFY-News
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Agrify Rebrands as RYTHM Following Acquisition of Cannabis Brands
Agrify Corporation announced it will change its name to RYTHM, Inc. and begin trading under the ticker symbol "RYM" on September 2. The change follows its acquisition of cannabis brand intellectual properties from Green Thumb Industries. According to a press release statement, the company acquired a portfolio of brands including RYTHM, Dogwalkers, and Beboe for $50M through a convertible note. Under a concurrent licensing agreement, Green Thumb Industries will manufacture and distribute the acquired brands.
Agrify appoints Brad Asher as CFO
Agrify (AGFY) named Brad Asher CFO, effective March 24, 2025. Most recently he served as CFO at AYR Wellness (AYRWF).
Agrify reports FY24 EPS ($27.79) vs. ($135.11) last year
Reports FY24 revenue $9.7M vs. $15.1M last year. "The Agrify team has been busy over the last quarter, streamlining the business and securing our position for future growth," said Chairman and Interim CEO Ben Kovler. "We are excited about what lies ahead for THC in America and Agrify's position to take advantage of that to create value for our shareholders. With a strong balance sheet and a clear vision, Agrify is poised to bring the award-winning THC Margarita, Senorita, to the tens of millions of Americans that previously had limited access to THC. In addition, we are continuing to explore various alternatives for our legacy extraction business."
Agrify says Senorita becomes THC beverage partner for The Salt Shed
Agrify Corporation is the exclusive partner for hemp-derived THC beverages at the Salt Shed, the iconic Chicago music venue run by hospitality collective 16" on Center. As a part of the larger venue sponsorship, fans can enjoy the award-winning THC Margarita beverage Senorita at every venue bar. Concertgoers can begin purchasing Senorita at Salt Shed's first show of the year tomorrow, January 11, 2025. Senorita drinks will be available for purchase year-round at all Salt Shed shows and at the upcoming RISE at Salt Shed, Green Thumb Industries' new on-site retail space dedicated to the discovery and sale of best-in-class HD9 products as well as branded merchandise and accessories from fan-favorite cannabis brands such as RYTHM and Beboe. Agrify's Senorita will be the first HD9 drink sold at the Salt Shed in the venue's history. Beginning January 11, guests can enjoy refreshing Mango Margarita with other all-natural, low-calorie flavors like Lime Jalapeno Margarita, Paloma and Ranch Water to follow. The Salt Shed anticipates welcoming over 600,000 music fans to 145 shows this year on both indoor and outdoor stages.
Agrify closes sale of its cultivation business to CP Acquisitions
Agrify announced the Company has signed an agreement for and closed the sale of its cultivation business to CP Acquisitions, an entity affiliated with Raymond Chang, the Company's former Chairman and Chief Executive Officer. The Transaction involves the sale of the Agrify cultivation business and assets, the assumption of liabilities related to the cultivation business by CP, and the termination of two convertible notes held by CP totaling approximately $7 million.
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