10:38 AM EST, 01/06/2025 (MT Newswires) -- Agrify ( AGFY ) said Monday it has closed the sale of its cultivation business to CP Acquisitions, which is affiliated with Raymond Chang, Agrify's ( AGFY ) former chair and chief executive.

The deal involves the sale of the cultivation business and assets, the assumption of liabilities related to the business by CP and the termination of two convertible notes held by CP totaling about $7 million, Agrify ( AGFY ) said.

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