AGFY Agrify

Agrify Corporation Achieves Milestone with PX-30 Hydrocarbon Extraction System Installation in Michigan Facility

Agrify Corporation Achieves Milestone with PX-30 Hydrocarbon Extraction System Installation in Michigan Facility

TROY, Mich, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced the successful installation of a PX-30 Hydrocarbon Extraction System at its customer’s Michigan facility.

The PX-30 Hydrocarbon Extraction System is the largest system of Agrify’s PX-Extraction series, and represents a cutting-edge advancement in hydrocarbon extraction technology, designed to enhance efficiency and precision in the extraction process. This installation marks a significant milestone for Agrify, reinforcing the company’s commitment to delivering state-of-the-art solutions to the cannabis and hemp industries as operators around the country continue to purchase and operate with Agrify’s latest technologies.

Lume Cannabis’ (“Lume Cannabis” or the “Customer”) Michigan facility had previously been operating with Agrify’s XMU Hydrocarbon Extraction System. As the Customer’s business grew and the operation required additional speed and throughput from the system, Lume Cannabis purchased the PX-30 system through the Company’s subsidiary Precision Extraction Solutions to elevate its extraction capabilities, meeting the increasing demand for premium extracts in the rapidly growing cannabis and hemp markets. “Having owned a Precision XMU for the past year and a half, the Precision PX-30 was the natural choice for Lume when we decided to expand our resin extraction capabilities. The Precision Extraction team has been great to work with and we appreciate their efforts to do anything in their power to ensure their customers have a smooth installation and startup experience,” said Stan Gourentchik, Lab Manager at Lume Cannabis.

Key features of the PX-30 hydrocarbon extraction system include:

  • High Extraction Efficiency: The PX-30 ensures optimal extraction yields, maximizing the production of high-quality extracts of up to 240+ lbs. per 8-hour shift.



  • Operational Design: Created with the operator in mind, the PX-30 offers ultra-low temperature operation with fast recovery times, with or without a compressor. All functions and features are easily accessible in a linear process flow with conveniently located controls and ergonomics designed for the operator.   



  • Safety/Compliance: Agrify prioritizes safety, and the PX-30 is built with state-of-the-art safety features to comply with 3A sanitary and cGMP standards.

"We are thrilled to announce the successful installation of another PX-30 hydrocarbon extraction system at one of our valued customers here in the state of Michigan," said Brian Towns, EVP & General Manager at Agrify. "This state-of-the-art technology aligns with our mission to provide our clients with the best tools for long-term success in an evolving industry. Agrify is committed to all of our customer’s success as their success is our success.”

As Agrify continues to innovate and invest in cutting-edge technologies, the Company remains at the forefront of the equipment and ancillary cannabis extraction market. 

About Agrify

Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Our proprietary micro-environment-controlled Vertical Farming Units (VFUs), enable cultivators to produce the highest quality products with unmatched consistency, yield, and ROI (return on investment) at scale. Our comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless extraction, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit our website at

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, statements regarding the the ability of the Company’s products to offer enhanced capabilities for extraction. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on November 28, 2023, which can be obtained on the SEC website at These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.

Agrify Investor Relations



(857) 256-8110



EN
06/02/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Agrify

 PRESS RELEASE

Agrify Corporation Reports Fourth Quarter and Full Year 2024 Results

Agrify Corporation Reports Fourth Quarter and Full Year 2024 Results TROY, Mich., March 21, 2025 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced financial results for the quarter and the fiscal year ended December 31, 2024.  Fourth Quarter 2024 Financial Results Summary Revenue of $2.3 million for the fourth quarter of 2024.Loss on disposal of Cultivation business recorded in the fourth quarter of $11.9 million.Cash balance of $31.2 million at year e...

 PRESS RELEASE

Agrify Announces Appointment of Peter Shapiro and Sanjay Tolia to Boar...

Agrify Announces Appointment of Peter Shapiro and Sanjay Tolia to Board of Directors Richard Drexler Departs from Board TROY, Mich., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced that Peter Shapiro and Sanjay Tolia have been appointed to its Board of Directors, effective January 31, 2025. The Company also announced Richard Drexler’s departure from the Board, also effective January 31, 2025.  “We are excited to welcome Peter and ...

 PRESS RELEASE

Señorita Becomes the Exclusive Hemp-Derived THC Beverage Partner for T...

Señorita Becomes the Exclusive Hemp-Derived THC Beverage Partner for The Salt Shed, Chicago’s Premier Music Venue Agrify’s Award-Winning THC Margarita Becomes the First Hemp-Derived THC (HD9) Beverage Served at The Salt Shed TROY, Mich., Jan. 10, 2025 (GLOBE NEWSWIRE) -- (Nasdaq: AGFY), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced that it is the exclusive partner for hemp-derived THC (HD9) beverages at the , the iconic Chicago music venue run by hospitality collective . As a part of the larger venue sponsorship, fans can enjoy ...

 PRESS RELEASE

Agrify Closes Sale of its Cultivation Business

Agrify Closes Sale of its Cultivation Business Move Further Simplifies the Company’s Business Model and Balance Sheet TROY, Mich., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:  AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced the Company has signed an agreement for and closed the sale of its cultivation business to CP Acquisitions, LLC (“CP”), an entity affiliated with Raymond Chang, the Company’s former Chairman and Chief Executive Officer (the “Transaction”). The Transaction inv...

 PRESS RELEASE

Agrify Corporation Closes on Acquisition of Señorita

Agrify Corporation Closes on Acquisition of Señorita TROY, Mich., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, has closed on its previously announced acquisition of certain assets from Double or Nothing LLC, the owner and creator of the Señorita brand of hemp-derived THC (“HD9”) drinks. “This is great news for Agrify shareholders! We believe Señorita is the best tasting drink in the fastest growing, most exciting beverage category in the country,” s...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch