Agrify announces exclusive partnership to sell hemp-derived THC beverages at Chicago's Salt Shed music venue.
Quiver AI Summary
Agrify Corporation has announced it will be the exclusive partner for hemp-derived THC beverages at the Salt Shed, a prominent music venue in Chicago. Starting January 11, 2025, concertgoers can purchase Agrify's Señorita THC Margarita, as well as other flavors, at the venue’s bars. This partnership aims to provide an alternative to traditional alcoholic drinks, catering to the growing demand for non-alcoholic options among music fans. The drinks will be available year-round during shows at the Salt Shed and at an on-site retail space called RISE, which will offer a selection of high-quality HD9 products. Agrify emphasizes its commitment to clean and natural ingredients, supported by transparent labeling and compliance with regulations.
Potential Positives
- Agrify Corporation has secured an exclusive partnership to offer its hemp-derived THC beverage, Señorita, at the renowned Salt Shed music venue in Chicago, expanding its market presence.
- Señorita will be available year-round at all Salt Shed shows, tapping into an audience of over 600,000 music fans anticipated for the year, enhancing brand visibility.
- The introduction of Señorita aligns with growing consumer demand for non-alcoholic beverage alternatives, positioning Agrify to capitalize on a trending market segment.
- Products sold at the Salt Shed’s RISE retail space, including Señorita, are compliant with regulatory standards and feature transparent labeling, reinforcing Agrify's commitment to quality and safety in its offerings.
Potential Negatives
- The press release emphasizes Agrify's exclusive partnership at a well-known music venue, but it does not provide detailed financial projections or expected revenue from this initiative, leaving stakeholders uncertain about its potential impact on the company's financial health.
- The reliance on a single venue for the launch of the Señorita brand may indicate vulnerability, suggesting that success is heavily dependent on a single partnership rather than a diversified strategy.
- There is no mention of prior track records or statistics regarding sales or consumer reception of Agrify's products, raising concerns about the company's ability to attract and retain customers in a competitive market.
FAQ
What is Agrify Corporation's new partnership about?
Agrify Corporation is partnering exclusively with Salt Shed for hemp-derived THC beverages, providing the Señorita drink at the venue.
When will Señorita be available for purchase?
Señorita will be available starting January 11, 2025, at the Salt Shed’s first show of the year.
What flavors of Señorita will be offered?
Señorita will initially offer Mango Margarita, with additional flavors like Lime Jalapeño Margarita, Paloma, and Ranch Water to follow.
What is the significance of the Salt Shed venue?
The Salt Shed is a historic music venue in Chicago, hosting over 600,000 fans annually and known for its unique performances and atmosphere.
Are Agrify's products compliant and safe to consume?
Yes, products sold at RISE at Salt Shed, including Señorita, are Farm Bill compliant and manufactured in certified cGMP facilities with transparent labeling.
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 4 institutional investors add shares of $AGFY stock to their portfolio, and 18 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
- VIRTU FINANCIAL LLC removed 19,608 shares (-100.0%) from their portfolio in Q3 2024
- TOWER RESEARCH CAPITAL LLC (TRC) removed 17,543 shares (-96.2%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TROY, Mich., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced that it is the exclusive partner for hemp-derived THC (HD9) beverages at the Salt Shed , the iconic Chicago music venue run by hospitality collective 16” on Center . As a part of the larger venue sponsorship, fans can enjoy the award-winning THC Margarita beverage Señorita at every venue bar. Concertgoers can begin purchasing Señorita at Salt Shed’s first show of the year tomorrow, January 11, 2025. Señorita drinks will be available for purchase year-round at all Salt Shed shows and at the upcoming RISE at Salt Shed, Green Thumb Industries’ new on-site retail space dedicated to the discovery and sale of best-in-class HD9 products as well as branded merchandise and accessories from fan-favorite cannabis brands such as RYTHM and Beboe.
Agrify’s Señorita will be the first HD9 drink sold at the Salt Shed in the venue’s history. Beginning January 11, guests can enjoy refreshing Mango Margarita (5mg) with other all-natural, low-calorie flavors like Lime Jalapeño Margarita, Paloma and Ranch Water to follow.
The Salt Shed anticipates welcoming over 600,000 music fans to 145 shows this year on both indoor and outdoor stages.
“Consumers are demanding accessible alternatives to alcohol, and as long-time believers in the connection of music and cannabis as a means towards more well-being, introducing Señorita to a live venue as iconic as the Salt Shed is the perfect match,” said Ben Kovler, Chairman and Interim Chief Executive Officer of Agrify. “Bringing best-in-class HD9 products like Señorita together with the incredible live performances at Salt Shed is an exciting step in delivering consumers the elevated, hangover-free experiences they want.”
“Non-alcohol category offerings are becoming more and more popular amongst concertgoers, making Señorita the perfect fit for our Salt Shed guests and the new RISE at Salt Shed retail destination,” said Victor David Giron, Chief Financial Officer of 16” on Center. “Expanding consumer choice and offering unique viewing experiences are both key to a successful event venue, and our partners at Agrify and Green Thumb are helping us do just that.”
Products sold at RISE at Salt Shed , including Señorita, are Farm Bill compliant, manufactured in certified cGMP facilities, and have transparent labeling that includes ingredients, potency and a QR code linking to certificates of analysis from independent testing labs.
For more information about Agrify and Señorita, please visit http://www.agrify.com .
About Agrify (Nasdaq:AGFY)
Agrify Corporation (“Agrify” or the “Company”) is a developer of branded innovative solutions for the cannabis and hemp industries. Its Señorita brand offers consumers HD9 beverages that mirror well-known cocktails like a margarita – in two flavors – classic and mango. Known for its clean, fresh taste and commitment to high-quality, natural ingredients, Señorita offers a low-sugar, low-calorie alternative to alcoholic beverages and is available at top retailers including Total Wine, ABC Fine Wine & Spirits, and Binny’s in nine U.S. states and Canada, with plans for expansion and future availability in premier on-premises destinations. Products are also available for direct-to-consumer purchase where permissible under state law at www.senoritadrinks.com.
About The Salt Shed
Located within the historic Morton Salt complex in the heart of Chicago, The Salt Shed has been transformed into a state-of-the-art music venue and entertainment complex, featuring both indoor and outdoor stages. Adjacent to The Salt Shed is the Fairgrounds, a festival-style space along the Chicago River that offers an immersive outdoor concert experience with a panoramic view of the Chicago skyline, complete with a custom grandstand, premium balcony and rooftop ticketing, and a vibrant mix of local food and retail. Since its opening in 2022, The Salt Shed has been recognized as the Best New Venue by Pollstar and Billboard and is operated by 16” On Center, one of the country's largest independent promoters and hospitality collective with over 30 years of experience in revitalizing iconic Chicago properties. Hosting an array of world-class performances and over 600,000 guests annually, The Salt Shed has quickly become a pivotal cultural hub in Chicago's vibrant entertainment landscape.
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. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “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
[email protected]
(857) 256-8110
Partnerships Contact:
Natalie Labriola
[email protected]
https://www.saltshedchicago.com
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/72c24bf5-bd60-4206-b443-8f47abc56aa8
