Agrify today announced that it has signed a non-binding letter of intent to acquire certain assets from Double or Nothing, the owner and creator of the Señorita brand of hemp-derived legal THC drinks, in exchange for 530,000 shares of Agrify common stock or common stock equivalents. The transaction is expected to close before year end.
Señorita was designed and formulated by best friends and winemakers Charles Bieler and Joel Gott, who collectively produce more than two million cases of wine sold annually across multiple North American distribution outlets. They founded Señorita in 2022 and launched the brand in the U.S. in 2023. Señorita offers consumers THC beverages that mirror well-known cocktails like a margarita – in two flavors – classic and mango. Señorita’s products are currently offered in Canada and nine U.S. states, including Alabama, Florida, Georgia, Illinois, Louisiana, Minnesota, Ohio, Tennessee and Wisconsin, with plans for expansion across additional states.
The transaction would involve the acquisition of assets involved in the operation of Señorita’s business. There can be no assurances that Agrify will reach a binding agreement and if it does, the terms could differ from those stated in this press release.
Currently, Agrify has approximately 1.4 million shares of common stock outstanding and 6.3 million warrants. This transaction would increase the shares outstanding through the issuance of a combination of shares of common stock and pre-funded warrants totaling 530,000 shares of common stock on a fully-diluted basis. Agrify currently has approximately $17 million of debt consisting of $7 million with an entity affiliated with its former CEO and the recently announced $10 million convertible note issued to a subsidiary of Green Thumb Industries Inc.
