Agrify Corporation (NASDAQ: AGFY) rose over 22.08% to price of $1.79% in pre trading session on Monday as the firm reported that Prairie State Cannabis LLC in Illinois, LowKey LLC in Massachusetts, and MediFlora Cultivation LTD in South Africa have all chosen to operate their respective cultivation businesses using Agrify’s Rapid Deployment Packs, further validating the attractiveness and appeal of this first-of-its-kind offering.
Agrify’s RDP program was launched earlier this year to enable a larger spectrum of clients to have access to the company’s award-winning cultivation technology. The smartly built and manufactured RDPs, which feature Agrify’s signature Vertical Farming Units in a bundled, self-contained, and quick-to-deploy configuration, provide clients a faster road to production, cash flow, and profitability. Agrify is able to give best-in-class cultivating capabilities to customers with appropriately equipped facilities in as short as 60-90 days by reducing key hurdles and sources of friction with the RDPs. Once implemented, the RDPs’ modular design enables for seamless extension potential, giving clients the freedom to develop and scale.
According to the terms of the RDP agreements with Prairie State Cannabis LLC, LowKey LLC, and MediFlora Cultivation LTD, the combined agreements are worth more than $7.5 million in cultivation-related hardware sales, plus potential recurring SaaS and production success payments. Initially, Agrify will provide each customer with an RDP setup consisting of 56 VFUs. With this infrastructure, each client will be able to generate an estimated 7.5 pounds of high grade flowers per VFU, every grow cycle, with an estimated 5.2 grow cycles per year.
Chairman and CEO of Agrify, Raymond Chang stated that at Agrify, they take pleasure in their ability to fulfill the demands of a diverse spectrum of cannabis customers with cutting-edge solutions and complementary services at every level of growth, both domestically and globally. The RDP program was introduced to improve customer access to their VFUs and Agrify Insights cultivation software, while also giving them with a mechanism to further extend their installed base, as part of their unshakable commitment to continual innovation and bringing new technologies to market.