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Investing.com -- Agrify Corporation (NASDAQ:AGFY) stock surged 50% after announcing the acquisition of a portfolio of brand intellectual properties from Green Thumb Industries for $50 million, paid via a convertible note.
The acquired portfolio includes well-known cannabis brands such as RYTHM, Dogwalkers, and Beboe. As part of the transaction, Agrify will license these brands back to Green Thumb Industries for manufacturing and distribution. The company also revealed plans to change its name to RYTHM, Inc. and will begin trading under the new ticker symbol "RYM" on the Nasdaq Capital Market starting September 2, 2025.
This strategic move positions Agrify as a contender in the growing well-being consumer space, particularly as consumer preferences shift toward hemp-derived THC products. The company expects the transaction to drive rapid topline growth through licensing revenue and expanded sales of hemp-derived THC products, including its recently launched RYTHM Beverages.
"RYTHM’s future is bright as we are well positioned to deliver revenue growth both in hemp-derived THC sales and brand licensing," said Ben Kovler, Chairman and Interim Chief Executive Officer. "Demand for THC is rising as consumers seek well-being and alternatives to alcohol. And most importantly, these THC products are no longer just available at the dispensary."
Following the transaction, Agrify has approximately 2.0 million shares of common stock outstanding, warrants for approximately 7.6 million shares, and convertible notes that, if converted, would equal approximately 6.7 million shares.
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