Agrify To Purchase TriGrow: 'Acquisition Will Strengthen Our Product Portfolio'

Cannabis-focused indoor grow solutions developerAgrify said Wednesday it has signed a memorandum of understanding to purchase all outstanding shares of TriGrow Systems, Inc., indirectly acquiring 75% of its subsidiary TriGrow Brands, LLC.

Benzinga · 12/11/2019 14:17

Cannabis-focused indoor grow solutions developerAgrify said Wednesday it has signed a memorandum of understanding to purchase all outstanding shares of TriGrow Systems, Inc., indirectly acquiring 75% of its subsidiary TriGrow Brands, LLC.

TriGrow is a company that offers end-to-end cultivation solutions to help produce a quality flower, minimizing operating expenses, and at the moment, is the exclusive distributor of Agrify’s vertical farming unit solution to indoor cannabis growers.

TriGrow Brands is a majority-owned subsidiary of TriGrow Systems that accredits a portfolio of cannabis companies to a network of Agrify VFU system operators.

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“We are thrilled to engage in a merger process with Agrify,” Richard Weinstein, TriGrow’s chief business development officer said in a statement. “By combining our complementary expertise, we will provide our customers with a single-source, integrated solution for all their cultivation needs. This combination will allow us to fortify our position as the premier innovator in indoor agricultural solutions and provide our customers with the most affordable end-to-end experience.”

Agrify CEO Raymond Chang also commented on the purchase.

“Agrify is committed to being the No. 1 developer of premium indoor grow solutions in the cannabis and hemp marketplace. The acquisition of TriGrow will strengthen our product portfolio, customer base, industry expertise and quality employee leadership,” Chang said.