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Agrify

The Daily Hit: May 20, 2024

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News from: Rhode Island, Agrify, Minnesota, and more.

The Daily Hit is a recap of the top financial news stories for Monday, May 20, 2024.

On the Site

Serial cannabis litigator targets another social equity program, this time in Rhode Island

Jeffrey Jensen has partnered with his wife, Justyna, on the latest lawsuit, which follows the modus operandi of other challenges.

Read more here.

Nature’s Miracle, Agrify call off $6.4M merger deal

For cash-strapped Agrify, the merger had been seen as providing a potential lifeline.

Read more here.

Minnesota expands cannabis social equity program to include all veterans

The changes largely align with recommendations from regulators.

Read more here.

Green Market Report’s 2024 Women in Cannabis Award winners announced in New York

A brief introduction to the exceptional woman honored at the GMR Women in Cannabis Summit in New York City.

Read more here.

2024 GMR Women in Cannabis Summit

The 2024 Women in Cannabis Summit brought together some of the most exceptional women leaders in the industry.

Read more here.

In Other News

CALIFORNIA RECALL: LAX PACKS PREMIUM FLOWER

The California Department of Cannabis Control issued a mandatory recall for multiple LAX PACKS PREMIUM FLOWER products due to the presence of Aspergillus fumigatus and inaccurate labeling that reports more cannabinoid content than the product contains.

Read more here.

WM Technology

WM Technology Inc. (Nasdaq: MAPS) received an expected delinquency notification letter from Nasdaq’s Listing Qualifications Department that indicated the company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the company’s failure to timely file its quarterly report on Form 10-Q for the quarter ended March 31.

Read more here.



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Agrify

Agrify completes acquisition of hemp drink brand Señorita

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Agrify Corp. (Nasdaq: AGFY) announced Monday it has closed its acquisition of hemp-derived THC drink maker Señorita in an all-stock transaction valued at approximately $4.9 million.

The deal involves acquiring certain U.S. and Canadian hemp assets from Double or Nothing LLC, with Agrify issuing 530,000 shares for the transaction, according to a company statement.

“This is great news for Agrify shareholders,” said Ben Kovler, Agrify’s chairman and interim CEO. “We believe Señorita is the best tasting drink in the fastest growing, most exciting beverage category in the country.”

Señorita, created by winemakers Charles Bieler and Joel Gott, offers THC-infused alternatives to classic cocktails. The brand took home top honors at The High Times Cannabis Cup just one year after its launch. Its lineup includes Lime Jalapeño Margarita and Mango Margarita flavors, with plans to launch a Paloma variety in January and Ranch Water in 2025.

The brand’s products are currently sold in nine U.S. states and Canada through major retailers including Total Wine and ABC Fine Wine & Spirits, according to the company.

“When Joel and I created this unique brand, we always anticipated rapid growth, exciting new products and expanded distribution, and now those goals are coming to fruition even faster than we imagined,” Bieler noted in the statement.

The acquisition comes as Agrify, traditionally focused on vertical farming units and extraction equipment for cannabis producers, reported just $263,000 in cash at the end of September and posted an $18.7 million third-quarter loss. The company has accumulated $265 million in losses through December 2023.

Chicago-based Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF), one of the largest U.S. cannabis operators, took control of Agrify last month through a $20 million convertible note deal that installed Kovler as interim CEO. Kovler recently purchased 10,000 shares at $38.76 to meet Nasdaq listing requirements.

The company’s board “continues to explore a variety of alternatives for the extraction and cultivation businesses while focusing on optimizing shareholder value creation,” Kovler said. Following Monday’s transaction, Agrify has approximately 2 million common shares outstanding and 7.6 million warrants.



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4Front Ventures

The Daily Hit: November 14, 2024

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News from: Tilt Holdings, Agrify, Massachusetts, Dan Bilzerian and more.

The Daily Hit is a recap of the top financial news stories for Thursday, November 14, 2024.

On the Site

Tilt Holdings to review strategic alternatives for its plant-touching business

Revenue fell in the quarter due to shipping delays for its Jupiter brand.

Read more here.

Bilzerian v. Bilzerian: Son sues dad over control of Ignite

Dan Bilzerian claims he was unlawfully pushed out of Ignite by his father.

Read more here.

Scores of cannabis farmers sue New York state over botched recreational rollout

The coalition claims that the Office of Cannabis Management’s actions directly led to “financial ruin” for its members.

Read more here.

Massachusetts regulators, OSHA say ground cannabis dust a ‘hazardous chemical’ following Trulieve worker death

Regulators outlined recommendations and rules related to creating a safe working environment for those working with cannabis.

Read more here.

Agrify reports $18.7M loss as leadership charts hemp beverage push

The focus on hemp-based drinks marks a new era for the firm under its new GTI leadership.

Read more here.

Earnings:

In Other News

New Mexico

New Mexico lawmakers on Wednesday discussed the prospect of giving “police power” to the state Cannabis Control Division, which issues permits for the state-legal industry, to ramp up enforcement against the still-thriving illicit market.

Read more here.

Missouri

In less than two years of selling legal recreational cannabis, Missouri’s legal market has grown to $1.4 billion – outperforming states with a longer history of marijuana legalization like Arizona, Colorado and Nevada.

Read more here.

Idaho

The organization Kind Idaho filed a final proposal with the Idaho Secretary of State’s Office that would put the question of cannabis legalization on the ballot in 2026. The petition, if approved, put the question of legalizing cannabis for personal possession and production in front of voters. It would not, however, establish a legal marketplace like the one in Washington state.

Read more here.



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Agrify

Agrify lowers second-quarter loss to $2.8 million, despite revenue decline

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The cannabis equipment manufacturer remains strapped for cash after a proposed merger fell through earlier this year.

Michigan-based Agrify Corp. (Nasdaq: AGFY) posted a net loss of $2.8 million for the second quarter of the year, down year-over-year from a $6.8 million loss even as revenue also decreased by nearly half.

Quarterly revenue for the marijuana cultivation equipment maker was $2.9 million, Agrify reported, down year-over-year from $5.1 million, but up sequentially from $2.6 million. For the first six months of 2024, revenue was down to $5.5 million from $10.8 million the same period a year prior.

CEO Raymond Chang suggested in a press release that Agrify will soon need to raise more capital, given that it had just $53,000 in the bank as of June 30. Agrify was left at the altar by Nature’s Miracle in May, when a proposed merger – which likely would have given Agrify a new financial lease on life – fell apart.

“We recognize that 2024 presents ongoing challenges, as the industry remains cautious about future capital investments due to uncertain regulations and limited capital availability,” Chang said.

“Despite our continuous efforts to reduce costs and address payables, our constrained cash position remains a barrier to growth. As such, the company will continue to explore all strategic options to maximize shareholder value,” he said.

Threatened with the possible loss of trading on the Nasdaq last fall, Agrify in May also converted $13.8 million of its debt to company equity and was able to remain compliant with the exchange’s terms.

At the end of the quarter, Agrify had $39.6 million in total assets, including $53,000 in cash, against $30.8 million in total liabilities. The company also is carrying an accumulated deficit of $264.3 million.



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