Marijuana software firm Agrify prices IPO to raise $54 million

What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state-by-state insights and benchmarks. Get the 2023 Factbook.


Agrify Corp., an ancillary marijuana business that produces hardware and software for indoor cannabis cultivators, priced an upcoming initial public share offering at $10 per share, or $54 million.

Agrify shares will trade as AGFY on the Nasdaq exchange. Trading is expected to begin Jan. 28.

The $54 million figure does not include underwriting discounts, commissions and other expenses, the Burlington, Massachusetts-based company said in a news release.

Agrify had an order backlog of $59.3 million at the end of 2020, according to a prospectus filing.

“We expect to recognize revenue of approximately $40 million in 2021 and the rest gradually thereafter,” the prospectus notes.

According to the filing, Agrify will spend the proceeds from the offering on:

  • Research and development.
  • Sales and marketing.
  • New personnel.
  • Capital expenditures.
  • An equipment-financing plan for customers.
  • Working capital and general corporate purposes.