Agrify rises on agreement with BioCann Pharmaceutical

RYTHM

13/04/2022 12:49

** Indoor agriculture marketplace services provider's shares
 AGFY.O  up as much as 9.43% at $4.06 premarket 
    ** Co signs agreement with BioCann Pharmaceutical Company,
LDA, a cannabis cultivator in Funchal, Portugal  urn:newsml:reuters.com:*:nGNX6Y2GPj
    ** Under the deal, AGFY will install 190 Vertical Farming
Units (VFUs) for BioCann's cultivation facility 
    ** BioCann to buy Agrify's cultivation equipment for $4 mln,
and also signs a 5-year agreement for Agrify Insights, its
cannabis cultivation software, for $2.1 mln
    ** Says the first set of 10 VFUs will be installed in the
next 3 months, with the remaining 180 units scheduled for Q1,
2023
    ** Stock down ~59% YTD, as of last close

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))