A Green Thumb Industries subsidiary is providing $20 million in funding to marijuana cultivation and extraction solutions company Agrify Corp., with $10 million being drawn at closing.
According to a news release, Agrify also is undergoing a management shake-up in which:
Chair and CEO Raymond Chang resigned and I-Tseng Jenny Chan stepped down from the board. Green Thumb Chief Executive Officer Benjamin Kovler was appointed Agrify’s interim CEO and board chair. Armon Vakili, Green Thumb’s vice president of strategic initiatives and partnerships, and Richard Drexler, who has more than 40 years in corporate leadership roles, were appointed to the Agrify board.
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Chicago-headquartered Green Thumb Industries (GTI) did not immediately respond to an MJBizDaily request for comment on the deal.
Kovler
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