Cannabis-focused hardware and software cultivation solutions developer Agrify Corporation (NASDAQ: AGFY) has signed a binding letter of intent to acquire PurePressure, the leader in solventless extraction and advanced ice water hash processing in the cannabis and hemp industry.
Under the terms of the agreement, the Billerica, Massachusetts-based company agreed to acquire PurePressure for $9 million.
The sum includes $4 million in cash and $5 million in unregistered shares of Agrify common stock, subject to customary adjustments.
An additional earnout opportunity can bring the total purchase price up to $12 million if PurePressure achieves certain financial milestones in 2022 and 2023.
What It Means For Agrify