2nd December 2022
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Agrify Registers New Orders For Its Cannabis Extractor

Agrify Cannabis Extractor Sales Could increase USD 7.5M

Agrify Corporation (Nasdaq:AGFY), announced that its recently launched PX10 hydrocarbon cannabis extractor will soon be installed at three customer facilities, including through a new engagement with Alchemist Ventures in Maryland.

The PX10 hydrocarbon cannabis extractor is the latest breakthrough from Agrify demonstrating the Company’s continued emphasis on developing, commercializing, and deploying best-in-class solutions across both cultivation and extraction. The PX10 was officially unveiled in August to provide customers with the most advanced and scalable hydrocarbon extraction technology. The PX10’s unique passive recovery design was engineered with simplicity in mind and is expected to offer immediate economic benefits to cannabis operators of any size, including twice the potential capacity and output of its predecessor, the PX5. The PX10 ultimately represents an ideal way for customers to enter the desired market quickly and at scale, and it also serves as a compelling upgrade opportunity for PX5 customers who want to drastically boost capacity in a cost-effective manner without any significant infrastructure changes.

As per the terms of the purchase agreement with Alchemist, Agrify will be providing a full suite of extraction and post-processing equipment along with specialized training services to support this new customer’s vision for its extraction business. In order to capitalize on the attractive Maryland market, especially with the strong possibility that Maryland voters will support a ballot measure this month that would legalize adult-use cannabis, Alchemist will be outfitting its facility with the PX10 hydrocarbon extractor, as well as post-processing equipment such as vacuum ovens and bead baths, a short path distillation system, and a commercial washing system for solventless extraction. With all of this equipment and technology, Alchemist intends to bring a variety of high-quality extracts to the rapidly growing Maryland market.

“Within the extraction space, we continue to improve the design and performance capabilities of our offerings by developing advanced and sought-after cannabis extraction equipment and technology,” said Raymond Chang, Chairman and Chief Executive Officer of Agrify. “It is important to note that our commitment to innovation goes far beyond our research and development initiatives in a lab environment. Not only can we successfully turn a product vision into reality, but we also pride ourselves on being able to work closely with a growing number of prominent customers, including multi-state operators, enabling them, through our cutting-edge solutions, to grow their businesses, to gain a competitive edge, and produce groundbreaking cannabis products in all different form factors.”

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