Agrify secures financing from Green Thumb Industries

Agrify Corporation (AGFY) announced that its Board of Directors has approved a $20M convertible secured note of which $10M will be drawn upon at closing, from a wholly-owned subsidiary of Green Thumb Industries (GTBIF). Prior to this financing, the Green Thumb subsidiary acquired an ownership stake in Agrify through the purchase of common stock and warrants from its outgoing Chairman and CEO Raymond Chang and outgoing Director I-Tseng Jenny Chan. Agrify will continue to operate as an independent business and was not a participant in the Transaction. Following the Transaction and Financing, Agrify retains the majority of its existing management team and all of its independent Directors.