Press Release

Burns & Levinson Represents Agrify Corp. in $50 Million Acquisition of Precision Extraction Solutions and Cascade Sciences

October 6, 2021

Boston, MA, Oct. 6, 2021 – Burns & Levinson today announced that it represented Agrify Corporation (NasdaqCM:AGFY), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, in its $50 million acquisition of Precision Extraction Solutions and Cascade Sciences. Agrify acquired Precision and Cascade, two of the leading brands that provide equipment and solutions for extraction, post-processing, and testing for the cannabis and hemp industry, from Sinclair Scientific on October 4, 2021. Agrify’s $50 million acquisition of Precision and Cascade consists of $30 million in cash and $20 million in value of Agrify common stock. The total purchase price may be adjusted to up to $65 million based on the performance of the Precision and Cascade businesses for the fiscal year ending December 31, 2021. The Burns & Levinson deal team was led by partner Frank A. Segall, who chairs the firm’s Cannabis Business & Law Advisory Group, with assistance from partner Robert Petitt and associate Naveed Cheraghchi. A.G.P./Alliance Global Partners acted as exclusive financial advisor to Agrify. “It was an honor to work with Agrify and its talented management team to expand its leadership position in the cannabis and hemp industries,” said Segall. “This was a complex deal in a highly regulated industry, but we brought our best resources together to help our valued client achieve this important business event. We look forward to continuing our great work with Agrify as they continue to grow their business and portfolio of innovative industry solutions.” With the addition of Precision and Cascade, Agrify has expanded its core business beyond cultivation by gaining instant access to complementary and highly attractive areas of the supply chain. Precision and Cascade offer cutting-edge technologies and end-to-end service solutions for cannabis and hemp extraction and post-processing. These leading brands have collectively worked with over 30 multi-state operators (MSOs) and over a thousand cannabis and hemp customers. Precision and Cascade expect to generate approximately $40 million in revenue in 2021 with positive EBITDA. As a result of this transaction, Agrify now has a physical presence in seven states with a growing number of clients and business partners distributed throughout the country. “This transformative acquisition offers us a number of critical benefits including giving us direct access to the thriving global cannabis extract vertical, which is expected to grow to $24 billion by 2028, increasing our potential customer base by approximately 50%, and nearly doubling our annual revenue in 2021,” said Raymond Chang, CEO of Agrify. “The Burns & Levinson team was instrumental in bringing this acquisition to fruition. They are incredibly knowledgeable about every facet of the cannabis and hemp industries, and were able to keep this deal on track and moving forward at every critical juncture. We are thankful for their wisdom and guidance as we continue to take our company to the next level.” Burns & Levinson was the first major Boston corporate law firm to develop a cannabis business practice, and has been advising cannabis businesses, entrepreneurs and investors across the country for nearly a decade. The firm has unrivaled experience in cannabis and hemp/CBD business formation and corporate structuring, private placements, venture capital, M&A, securities, banking issues, fund formation, debt and equity financing, restructuring and receiverships, real estate acquisitions and leasing, intellectual property protection, 280E taxation issues, and cannabis litigation. The firm is well-known for its role in the cannabis banking industry and is among the top law firms in the country handling M&A and high-level corporate and financing deals in the private and public markets in the cannabis market.
About Agrify (NasdaqCM:AGFY) Agrify is a developer of premium grow solutions for the indoor agriculture marketplace. The Company uses data, science, and technology to empower its customers to be more efficient, more productive, and more intelligent about how they run their businesses. Agrify’s highly advanced and proprietary hardware and software solutions have been designed to help its customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit Agrify’s website at

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