Urban-gro posts record preliminary sales total of $ 62 million for 2021

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Urban-gro Inc. (Nasdaq: UGRO) reports preliminary revenue of $ 62 million in 2021, a record for the company.

“This implies growth of over 140% from $ 25.8 million in fiscal 2020,” according to the company’s disclosure of certain financial figures.

Urban-gro is an indoor agricultural engineering company that operates primarily in the cannabis industry.

Last year “has been an exceptional year for our organization and I am happy that we have exceeded our commercial and financial expectations. As we move towards 2022, we know the strength of our diverse global environmental controlled agriculture markets and continue to enjoy significant momentum with new and existing customers, ”said Urban-gro CEO , Bradley Nattrass, in a statement.

Urban-gro has had an eventful 2021. In February, it went public with an initial public offering of $ 62.1 million. In June, Urban-gro bought the architecture and interior design firm MJ12 Design Studio for $ 9 million, making it the first integrated architecture, engineering and cultural firm in the field of marijuana. In August, it posted quarterly profit for the first time in its history.

Earlier this month, Urban-gro invested $ 2.5 million in XS Financial (CSE: XSF), a company that provides financing and equipment rental services to cannabis companies.

Urban-gro was also hit by $ 5.1 million in what he called fraudulent wire transfers in October and is suing his bank for allegedly allowing the fraud to occur.

Urban-gro stock closed at $ 9.70 after hitting $ 10.19 on Thursday morning.

© 2022 BizWest Media LLC


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