Agrify Corp. has entered an agreement with Gold Leaf Florida LLC to use its Total Turn-Key (TTK) Solution to grow cannabis plants at their medical marijuana treatment center in Myakka City, Florida,
Agrify will install 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 more 200,000-square-foot facilities in Florida for a total of 1 million square feet.
Agrify’s agreement with Gold Leaf Florida LLC is expected to generate more than $140 million in revenue for the company over the first three years of cultivation and more than $400 million in revenue over the 10-year term of the partnership.
Gold Leaf is one of 22 licensed medical marijuana treatment centers and one of 16 active operators in Florida. The company is planning to open 20 dispensaries in the state by 2024. Medical marijuana treatment centers are the only businesses authorized to cultivate, process, and sell low-THC cannabis and medical marijuana in Florida.
“Our partnership with Gold Leaf is a milestone achievement that represents even further validation of our novel TTK program given the scale and economic value of this customer engagement,” Agrify Chairman and CEO Raymond Chang said. “By partnering with Gold Leaf in the early stages of their organization’s cultivation journey, we will play an instrumental role in helping their team fulfill their mission of supplying the medical market with the quality cannabis and consistent experiences patients and physicians have come to demand.
The agreement also includes architectural and engineering services, recurring Software as a Service (SaaS) revenue for use of the Agrify Insights cultivation software, operations consulting, and brand licensing. Gold Leaf also has the option to work with Agrify on construction financing.
“We are thrilled that Agrify is committed to providing support and extensive training throughout the life of our relationship to ensure we execute against our ambitious growth plans in a thoughtful, precise, and successful manner,” Gold Leaf Executive Vice President Mark Seid said. “We believe Agrify’s TTK program will enable us to provide quality product and consistent patient experiences that will give us the competitive edge needed to remain a leader in Florida’s growing medical cannabis market.”