Agrify Corp. is selling its cannabis cultivation operation for $7 million to an investment firm affiliated with the company’s former CEO, Raymond Chang.
According to a Monday news release, the Troy, Michigan-based operator sold the unit to CP Acquisitions, which is affiliated with Chang.
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Chang resigned from Agrify’s top post and as board chair in a November management shake-up.
Transaction details
According to the release, the transaction includes:
Vertical farming units, related assets and Agrify Insights software applications. Assumption of liabilities related to the cultivation business. The termination of two convertible notes held by CP Acquisitions totaling roughly $7 million.
“We believe focus drives excellence and this move allows us to focus on more attractive growth categories tied to THC demand,”
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