Agrify Corporation (NASDAQ: AGFY) shares soared over 20% on Tuesday as investors celebrated a significant milestone at Lume Cannabis’ Michigan facility.
The recent press release confirmed that Agrify has successfully upgraded Lume Cannabis’ Michigan facility with its new PX-30 Hydrocarbon Extraction System. This system improves upon the Agrify XMU Hydrocarbon Extraction System previously used at the location.
Stan Gourentchik, the Lab Manager at Lume Cannabis, recently shared his thoughts on the new Agrify PX-30 Hydrocarbon Extraction System.
“Having owned a Precision XMU for the past year and a half, the Precision PX-30 was the natural choice for Lume when we decided to expand our resin extraction capabilities.”
He stated that choosing the PX-30 was a logical step in their expansion plan. Gourentchik also commended the Precision Extraction team for their support throughout the installation and startup process.
The successful deployment of the PX-30 Hydrocarbon Extraction System underscores the continued demand for Agrify’s products in the cannabis and hemp sectors. This development has piqued investor interest, suggesting that Agrify could become the extraction technology of choice in other locations.
Agrify (NASDAQ: AGFY) Stock Movement
AGFY stock surged 20.76% to close at $0.77 on Tuesday. The traders had exchanged hands with 41,539,938 (41.53 million) shares compared to the average daily trading volume of 1.93 million.