Agrify Corporation (‘Agrify' or the ‘Company') announced that it has signed a definitive agreement (the ‘Agreement') for its large Agrify Total Turn-Key Solution (‘Agrify TTK Solution') partnership to date with Gold Leaf Florida LLC (‘Gold Leaf'). The Agreement, which is the first for Agrify in the flourishing Florida cannabis market, is expected to generate more than $140 million in revenue for Agrify over the first three years of cultivation and over $400 million of estimated total revenue over the full 10-year term of the partnership. Under the terms of the 10-year Agreement, Agrify will be installing 1,510 of its Vertical Farming Units (‘VFUs') at Gold Leaf's 200,000-square-foot facility, with 100,000 square feet dedicated to VFU cultivation.

Gold Leaf plans to build four additional 200,000-square-foot facilities in Florida, for a total of one million square feet, and Agrify hopes to support Gold Leaf through all of this anticipated future growth with the installation of several thousand more VFUs. The initial Agreement also includes architectural and engineering services, recurring SaaS revenue for use of the Agrify Insights cultivation software, operations consulting, and brand licensing. Gold Leaf also has the option to engage with Agrify for construction financing.

The Agrify TTK Solution is a first-of-its-kind program in which Agrify partners with qualified cannabis and hemp cultivators in the early phases of their business plans and provides critical support over a 10-year period, which includes: access to capital, design and buildout of their cultivation and extraction facilities, cultivation and extraction equipment, process design, training, implementation, data analytics, and consumer branding. To date, the Company has contractual commitments for over 3,000 VFUs that will be powered by the Agrify Insights SaaS cultivation software as well as the value-added services mentioned above. Cumulatively, all of the 10-year agreements under Agrify's TTK Solution program are currently projected to generate an estimated $850 million in total revenue.