Nature's Miracle Holding (NASDAQ: NMHI), a California-based controlled environment agriculture technology firm, is set to acquire Agrify Corp. (NASDAQ: AGFY), a prominent player in the cannabis production technology industry. The acquisition deal, which was announced recently, values Agrify's equity at approximately $6.3 million.
As per the terms of the agreement, Nature's Miracle will issue 0.45 of its common shares for each share held by Agrify's shareholders. Raymond Chang, the current CEO and Chairman of the Board at Agrify, will step into a new role as the President of the Agrify division at Nature's Miracle, in addition to joining the company's board.
This acquisition extends beyond share exchange; Nature's Miracle has committed to purchasing $750,000 worth of LED lighting from Agrify. Additionally, Nature's Miracle will acquire debt from Agrify that is held by entities controlled by Chang, with the payment to be made in a mix of cash and stock. The specifics of this payment have not been disclosed.
The closure of the deal is anticipated within the next six months, according to statements from both companies. Nature's Miracle has expressed confidence that this acquisition will significantly enhance its revenue streams by integrating Agrify's advanced software-as-a-service (SaaS) and AI technologies into its vertical farming operations. Moreover, Agrify's dominant position in the cannabis extraction market is expected to further bolster revenue growth.
Nature's Miracle has highlighted the need for consolidation within the indoor growing industry and views the acquisition as a strategic move to align with one of the most skilled and innovative teams in the sector.
Despite these developments, Agrify's financial health has been a subject of concern. The company, based in Troy, Michigan, recently disclosed its earnings for the fourth quarter and the full year, reporting a modest quarterly net income of $572,000 against an annual net loss of $18.7 million. In its latest 10-K annual report, Agrify has acknowledged substantial doubts about its ability to continue as a going concern, casting a shadow over its future operations despite ongoing improvements and turnaround efforts.
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High Profile dispensaries, operating in multiple states, are gearing up for their "420 Daze" event, scheduled to run from April 13th to April 21st. This year's theme, "It's High Time for Good Vibes," encapsulates the festive spirit with activities planned across their locations in Illinois, Michigan, Missouri, Massachusetts, and New Jersey.
The nine-day celebration, aligning with the cultural cannabis holiday on April 20th, will feature a variety of attractions including live music performances, food trucks at selected dispensaries, and a host of promotional activities. Each location aims to engage with the community by offering significant discounts on cannabis products, ranging from doorbuster deals to buy-one-get-one-free offers.
Highlighting the event, High Profile will also host a Summer Concert Series Contest. During the celebration period, attendees have the opportunity to win one of several grand prizes, which includes two tickets to a concert via a Live Nation Digital Gift Card valued at $400, and a merchandise pack featuring exclusive 420 Daze items such as a lawn chair, T-shirt, and more. Participants can enter the contest by joining an in-store raffle or by engaging with their local High Profile dispensaries through Instagram.
Specifically, in Michigan, the High Profile location in Ironwood will feature live music from local artists Mike LaBo and Marty E., with performances scheduled between 1 p.m. and 5 p.m. on April 20th. Additionally, the food truck Wow Weeniez on Wheelz will offer free meals to the first 50 customers showing a High Profile receipt.
The 420 Daze event not only celebrates the cannabis culture but also emphasizes community connection through music, food, and shared experiences, enhancing the festive atmosphere at High Profile dispensaries.
In the rich tapestry of American music and culture, few bonds are as compelling and enduring as the one between Cypress Hill and the city of Detroit. Since their first visit in 1991, this legendary hip-hop group, which includes members Senen "Sen Dog" Reyes, nasally MC B-Real, percussionist Eric Bobo, and tour DJ, DJ Lord, has forged a profound connection with the city, rooted in mutual respect and shared experiences. This connection has grown stronger with each passing year, reflected in the group's frequent visits and performances, including their upcoming concert at The Fillmore to celebrate 4/20, featuring fellow West Coast legends the Pharcyde and Souls of Mischief.
The Fire Station is teaming up with Ore Dock Brewing Company to host "Buds, Brews, and Beats," a fundraiser event aimed at supporting the Great Lakes Expungement Network (GLEN). The event is scheduled to take place at the Ore Dock on April 19th, 2024, from 6 p.m. to 9 p.m. In an effort to contribute to GLEN's mission of expunging cannabis-related records, the event will charge a $5 entry fee, with all proceeds directly benefiting the nonprofit.
Logan Stauber, Co-owner and co-CEO of The Fire Station, expressed enthusiasm about the collaboration, noting the significance of aligning the event with the cannabis industry's peak celebration period. "Partnering with Ore Dock, a like-minded ally in this cause, enhances our efforts to support individuals still impacted by past cannabis offenses," Stauber remarked.
The fundraiser will feature the return of Ore Dock's Super Dank IPA, a specialty brew previously produced for The Fire Station's 2022 Camp Cannabis event. The evening will also be animated by performances from three local bands: Ghoul for a Goblin, Realms, and No Expectations, promising an engaging mix of music and community spirit.
Amanda Courchaine, Ore Dock's Curated Events Manager, shared her enthusiasm about the partnership. "Our previous collaborations with The Fire Station have been profoundly rewarding, and we are excited to continue this partnership through such a purposeful event," she stated.
This community-centric event not only seeks to aid in the expungement of cannabis records but also strengthens the bond between local businesses and the causes they support, fostering a more engaged and supportive community environment.
In celebration of the cannabis holiday on April 20th, Michigan-based dispensary Skymint has announced a special promotion, offering "free cannabis for a year" to one grand prize winner. The winner will receive a monthly stipend of $250 to spend on any Skymint-branded products, including merchandise and accessories.
The giveaway also includes prizes for other participants. Ten second-place winners will each receive a $100 DoorDash gift card, and fifty third-place winners will be awarded a limited edition Skymint T-shirt.
To enter the raffle, customers must spend a minimum of $75 at any of Skymint's 19 locations across Michigan, earning them one raffle ticket. Participants can increase their chances by entering daily until April 20th, with the winners being announced the following day.
"April 20th is our national holiday to celebrate legal cannabis in all its forms," said Beth Stone, Skymint's retail sales manager. "We are excited to welcome our customers across Michigan to join in the festivities and enjoy the Skymint experience. This day provides a perfect opportunity to show our appreciation to our customers in a significant way."
In addition to the raffle, Skymint is offering a 42% discount on all purchases made on April 20th at all its locations. Various stores will also host additional promotions and activities to mark the occasion.
House of Dank, a prominent cannabis retailer in Michigan, is gearing up to celebrate the annual 420 cannabis culture festival on Saturday, April 20th, 2024. All House of Dank locations across the state will engage in festivities from opening time until 6:00pm, welcoming customers aged 21 and over who possess valid government photo identification. These celebrations are set to be particularly special this year as they coincide with the grand opening of the 10th House of Dank outlet in Lansing, marking the beginning of the retailer's expansion with three new stores set to open throughout the year.
The day-long event promises a variety of activities and opportunities for patrons to enjoy. Each location will offer music, special product discounts, and the chance to win prizes through hourly raffles. Additionally, the first 50 customers at each store will receive a complimentary gift bag. Event details and store hours can be found on the retailer's website at shophod.com.
Highlights of the 4/20 celebration include:
Moreover, attendees will have the chance to savor local cuisine from food trucks, enjoy music from some of Michigan's top DJs, and explore merchandise from House of Dank's own line. Over $20,000 in products and prizes will be distributed throughout the day.
Marvin Jamo, the owner of House of Dank and a known enthusiast of both cannabis and sunglasses, expressed his excitement about the event, describing it as a "cannabis family reunion." He emphasized the importance of celebrating the shared passion for cannabis within the community and showing appreciation for the retailer's loyal customers.
House of Dank's commitment to quality, expertise, and community well-being is evident in their approach to not only retailing premium cannabis products but also fostering a sense of community among cannabis enthusiasts in Michigan and beyond.
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