Business
urban-gro Signs Approximately $12M in New Cannabis Sector Contracts in the Second Quarter
LAFAYETTE, CO / ACCESSWIRE / June 26, 2024 / urban-gro, Inc. (NASDAQ:UGRO) ("urban-gro" or the "Company"), an integrated professional services and
About this update from Urban-gro, Inc.
[{"type":"text","content":"LAFAYETTE, CO / ACCESSWIRE / June 26, 2024 / urban-gro, Inc. (NASDAQ:UGRO) (\"urban-gro\" or the \"Company\"), an integrated professional services and Design-Build firm offering solutions to the Controlled Environment Agriculture (\"CEA\") and commercial sectors, today announced that the Company has signed multiple new contracts with more than a dozen clients in the cannabis sector, with aggregate expected contract revenue totaling approximately $12 million. The contract scopes include engineering, architecture, and design services, along with equipment procurement and construction management for cultivation and retail dispensary projects. The Company expects the majority of the revenue from these projects to be recognized by the end of the third quarter of 2024.\"We are encouraged by the momentum in the cannabis sector, which we believe is partly due to positive developments related to rescheduling and the upcoming vote on adult-use cannabis in Florida,\" said Bradley Nattrass, Chairman and CEO. \"While the cannabis sector is still recovering from this last downward cycle, we have worked diligently over the past two years to optimize our multi-sector diversification strategy with a leaner and more efficient infrastructure. With our unmatched industry experience, our professional services team is well positioned to meet the anticipated acceleration in demand for our custom cannabis sector solutions.\"About urban-gro, Inc.urban-gro, Inc.® (Nasdaq: UGRO) is an integrated professional services and Design-Build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture (\"CEA\"), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive our team to provide exceptional customer experiences. With offices across North America and in Europe, we deliver Your Vision - Built. Learn more by visiting www.urban-gro.com.Safe Harbor StatementThis press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this release, terms such as \"believes,\" \"will,\" \"expects,\" \"anticipates,\" \"may,\" \"projects\" and similar expressions and variations as they relate to the Company or its...