Agrify sells cultivation business to former CEO affiliate; focus shifts to hemp-derived THC drinks

RYTHM, Inc.

Dec 31, 2024 signed and closed asset sale of Cultivation Business (VFUs, TTK, Agrify Insights) to CP Acquisitions LLC, affiliate of former Chairman/CEO Raymond Chang.
Consideration: CP assumed ~$7M of secured indebtedness and other liabilities; no cash received by Agrify.
Agrify will focus on hemp-derived THC Delta 9 beverages, including Señorita THC Margarita, available in 9 states and online.
Pro forma financials show estimated pre-tax loss on sale of ~$15.8M; net assets sold (liabilities assumed) of $20.6M.
Related party debt of ~$6.7M forgiven as part of consideration; warrants cancelled.

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