Nature’s Miracle’s interest in cannabis extraction and farming tech comes as Agrify continues to wind down early expansion.
Nature’s Miracle Holding Inc. (NASDAQ: NMHI) announced Wednesday that it has entered into an agreement to buy Agrify Corporation (NASDAQ: AGFY) in a bid to consolidate the vertical farming sector, especially as Agrify shrinks its business.
Under the terms of the deal, Nature’s Miracle will acquire Agrify by issuing its own common stock to Agrify shareholders. Each Agrify shareholder is expected to receive approximately 0.45 shares of Nature’s Miracle stock for each Agrify share they own. The transaction values Agrify’s equity at around $6.35 million.
The acquisition is expected to provide benefits for both companies. Nature’s Miracle will gain access to Agrify’s SaaS and AI technology, as well as its market share in cannabis extraction. Agrify will benefit from Nature’s Miracle’s expertise in advanced horticultural and cultivation lighting technologies for vertical farming.
“Following our recent public company debut, we are thrilled to announce the signing of a term sheet to acquire Agrify,” said James Li, CEO of Nature’s Miracle, said in a statement.
“We believe that Agrify will not only provide meaningful revenue with their cannabis extraction business, but the combined business will
