Publicly traded cannabis cultivation firm buys Lab Society for $8M

BOULDER — Lab Society LLC, a Boulder-based developer of technology for cannabis extraction, distillation and solvent separation has been acquired by Agrify Corp. (Nasdaq: AGFY) out of Massachusetts in a cash and stock deal worth $8 million.

Another $3.5 million is on the table should Lab Society reach certain revenue milestones as part of its new parent company.

“We are ecstatic to add Lab Society to our portfolio of high-quality extraction solutions,” Agrify CEO Raymond Chang said in a prepared statement. “As federal legalization edges closer to reality, we believe the United States government will likely increase its role in setting the quality, consistency, and safety standards for medical and recreational cannabis products. By owning the top key solutions that produce the highest quality and the widest range of extracted cannabis products at scale, we expect it will provide Agrify with a significant competitive differentiation, enhanced customer value-add, superior industry leadership position and significant growth opportunities globally.”

SPONSORED CONTENT

Exploring & expressing grief

Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.

Agrify has a history with Boulder County companies, inking a deal last year with Front Range Biosciences Inc. to partner on research and development efforts.