Agrify Corporation(NASDAQ:AGFY), a company that provides hardware and software cultivation and extraction solutions for the cannabis and hemp industry, announced on Tuesday that its board of directors has approved a $20 million convertible secured note.

Of that sum $10 million will be drawn upon at closing, from a wholly-owned subsidiary ofGreen Thumb Industries Inc.(CSE:GTII) (OTCQX:GTBIF), Agrify said in a press release.

Before this, the Green Thumb subsidiary acquired an ownership stake in Agrify through the purchase of common stock and warrants from its outgoing chairman and CEORaymond Changand outgoing director I-Tseng Jenny...