Agrify Corporation acquires Señorita brand HD9 drinks from Double or Nothing LLC, expanding its cannabis beverage portfolio.
Quiver AI Summary
Agrify Corporation has successfully completed the acquisition of assets from Double or Nothing LLC, the creator of the popular Señorita brand of hemp-derived THC drinks. Agrify's Chairman and Interim CEO, Ben Kovler, expressed excitement about the acquisition, highlighting Señorita's appeal as a satisfying beverage alternative without the downsides of alcohol. The brand, created by winemakers Charles Bieler and Joel Gott, is set to launch new products, including a Paloma flavor in January and Ranch Water in 2025. Señorita's offerings have already gained recognition, including winning awards from The High Times Cannabis Cup. Currently available in various states and Canada, Señorita drinks are made with high-quality natural ingredients and are focused on responding to the growing demand for adult beverage alternatives. Agrify's acquisition involved the exchange of 530,000 shares of common stock and will support the company's goal of expanding and enhancing shareholder value.
Potential Positives
- Agrify has successfully closed the acquisition of certain assets from Double or Nothing LLC, expanding its portfolio in the rapidly growing hemp-derived beverage market.
- The Señorita brand has gained acclaim, including winning The High Times Cannabis Cup, which may enhance Agrify's reputation in the industry.
- New product launches, Paloma in January and Ranch Water in 2025, signify Agrify's commitment to innovation and meeting consumer demand for alternative beverages.
- Señorita's products are available in top retail locations across the U.S. and Canada, indicating a strong distribution network and growth potential.
Potential Negatives
- The transaction involved issuing 530,000 shares or common stock equivalents in exchange for assets, potentially diluting existing shareholders' equity.
- The need to explore "a variety of alternatives for the extraction and cultivation businesses" suggests potential operational challenges or strategic uncertainty within the company.
- The press release heavily emphasizes forward-looking statements which may indicate reliance on uncertain future growth, presenting a risk if projections do not materialize.
FAQ
What is Agrify Corporation's recent acquisition?
Agrify Corporation has acquired certain assets from Double or Nothing LLC, the creator of Señorita hemp-derived THC drinks.
What are the benefits of Señorita THC drinks?
Señorita drinks provide a hangover-free alternative to alcohol using natural ingredients, appealing to a growing demand for adult beverage alternatives.
What new flavors are being launched for Señorita drinks?
Señorita will launch a new flavor, Paloma, in January 2025, and Ranch Water will debut later in the year.
Where can Señorita products be purchased?
Señorita products are available at retailers like Total Wine and online at senoritadrinks.com where state laws allow.
Who are the creators behind the Señorita brand?
Señorita was designed by winemakers Charles Bieler and Joel Gott, focusing on quality, natural ingredients for vibrant drinks.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AGFY Insider Trading Activity
$AGFY insiders have traded $AGFY stock on the open market 35 times in the past 6 months. Of those trades, 3 have been purchases and 32 have been sales.
Here’s a breakdown of recent trading of $AGFY stock by insiders over the last 6 months:
- BRIAN TOWNS (EVP - Extraction) has traded it 10 times. They made 0 purchases and 10 sales, selling 5,282 shares.
- DAVID AARON KESSLER (Chief Science Officer) has traded it 13 times. They made 0 purchases and 13 sales, selling 13,598 shares.
- MAX HOLTZMAN has traded it 2 times. They made 0 purchases and 2 sales, selling 1,097 shares.
- TIMOTHY MAHONEY sold 1,097 shares.
- BENJAMIN KOVLER (Interim CEO) has traded it 3 times. They made 3 purchases, buying 5,840 shares and 0 sales.
- I-TSENG JENNY CHAN has traded it 3 times. They made 0 purchases and 3 sales, selling 203,991 shares.
- RAYMOND NOBU CHANG has traded it 3 times. They made 0 purchases and 3 sales, selling 462,711 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AGFY Hedge Fund Activity
We have seen 5 institutional investors add shares of $AGFY stock to their portfolio, and 21 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS GROUP AG added 108,068 shares (+1844.2%) to their portfolio in Q3 2024
- HRT FINANCIAL LP removed 52,021 shares (-97.5%) from their portfolio in Q3 2024
- XTX TOPCO LTD removed 40,516 shares (-100.0%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC removed 37,976 shares (-93.4%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 27,146 shares (+inf%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 26,297 shares (-100.0%) from their portfolio in Q2 2024
- VIRTU FINANCIAL LLC removed 19,608 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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,” said Agrify Chairman and Interim CEO Ben Kovler. “Cannabis-based beverages like Señorita deliver consumers an enjoyable experience without the downsides of alcohol. This high demand is propelling Señorita founders Joel Gott and Charles Bieler with the team towards innovation and product development as we launch Paloma in January and Ranch Water later in 2025. Given our enthusiasm for HD9 drinks, the Agrify Board continues to explore a variety of alternatives for the extraction and cultivation businesses within the Company while focusing on optimizing shareholder value creation.”
Señorita was designed and formulated by world-class winemakers Charles Bieler and Joel Gott. Recognizing a growing generational demand for adult beverage alternatives, Bieler and Gott gave the classic margarita a modern twist—replacing alcohol with THC to create a delightful, hangover-free beverage alternative. Through the use of all-natural, premium ingredients like organic Mexican agave, fresh lime juice and sweet, tangy mango, Señorita quickly gained acclaim, taking home the top spot in The
High Times
Cannabis Cup just one year after inception. Gott and Bieler continue to collaborate on the brand with Kovler and the Agrify team.
“We’re incredibly excited about the energy and momentum Ben and the team have brought to the Señorita business,” said Señorita co-founder Charles Bieler. “When Joel and I created this unique brand, we always anticipated rapid growth, exciting new products and expanded distribution, and now those goals are coming to fruition even faster than we imagined. Paloma and Ranch Water are just the beginning, and we cannot wait for even more Americans to experience Señorita THC drinks.”
Señorita currently offers two award-winning flavors – classic Lime Jalapeño Margarita and Mango Margarita. The brand’s third flavor, Paloma, will launch in January and will bring together Ruby Red grapefruit, lime, and pomelo, offering consumers another refreshing flavor profile with the same vacation vibe and fresh taste consumers love. A fourth flavor, low-calorie Ranch Water, will debut in 2025.
Señorita’s HD9 products are currently available at top retailers including Total Wine, ABC Fine Wine & Spirits, and Binny’s in nine U.S. states and Canada. Products are also available for direct-to-consumer purchase where permissible under state law at
senoritadrinks.com
.
This acquisition of certain Canadian and U.S. hemp-derived assets from Double or Nothing LLC, the owner and creator of the Señorita HD9 beverages, as previously disclosed, was done in exchange for 530,000 shares of Agrify common stock or common stock equivalents. Following the transaction, Agrify has approximately 2.0M common shares outstanding and 7.6M warrants.
About Agrify (Nasdaq:AGFY)
Agrify Corporation (“Agrify” or the “Company”) is a developer of branded innovative solutions for the cannabis and hemp industries in extraction, cultivation and more. Agrify’s proprietary micro-environment-controlled Vertical Farming Units (VFUs) enable cultivators to produce the highest quality products with unmatched consistency, yield, and return on investment at scale. Agrify’s comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates.
For more information, please visit Agrify at
http://www.agrify.com
.
About Señorita
Designed and formulated by best friends and world-class winemakers Charles Bieler and Joel Gott, Señorita is known for its clean, fresh taste and commitment to high-quality, natural ingredients. Señorita offers a low-sugar, low-calorie alternative to alcoholic beverages. Señorita’s HDT products are currently available to purchase at brick-and-mortar locations in Canada and nine U.S. states, including Alabama, Florida, Georgia, Illinois, Louisiana, Minnesota, Ohio, Tennessee and Wisconsin, with plans for expansion across additional states. Products are also available for direct-to-consumer purchase where permissible under state law via
senoritadrinks.com
.
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 potential future market for HD9 beverages, the ability to expand Señorita’s flavor options, distribution channels and markets and the expected timing thereof and the overall potential growth of the Señorita business.In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “coming,” “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 filed for the year ended December 31, 2023 with the SEC, which can be obtained on the SEC website at www.sec.gov. 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.
Contact
Agrify Investor Relations
IR@agrify.com
(857) 256-8110
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