Agrify Corporation (NASDAQ:AGFY) saw its stock leap 50% after the company announced it had purchased a portfolio of brand intellectual properties from Green Thumb Industries for $50 million, funded via a convertible note.
The deal includes well-known cannabis brands such as RYTHM, Dogwalkers, and Beboe. Under the agreement, Agrify will license the brands back to Green Thumb Industries for continued manufacturing and distribution. In addition, the company plans to rebrand itself as RYTHM, Inc., with shares set to trade under the new ticker symbol “RYM” on the Nasdaq Capital Market beginning September 2, 2025.
This acquisition is designed to position Agrify as a significant player in the expanding well-being consumer market, particularly as demand grows for hemp-derived THC products. The company anticipates that the transaction will drive strong topline growth through both licensing revenue and increased sales of its hemp-derived THC offerings, including the 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.”
Post-transaction, Agrify has roughly 2.0 million shares of common stock outstanding, warrants for about 7.6 million shares, and convertible notes that, if converted, would amount to roughly 6.7 million shares.
Agrify Corporation stock price
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