urban-gro, Inc. Secures Multiple Contracts Totaling Nearly $8 Million in the Cannabis Sector
October 02 2023 - 9:00AM
urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an
integrated professional services consulting firm, today announced
that the Company finished the quarter strong by securing contracts
spread across four clients in the Controlled Environment
Agriculture (“CEA”) cannabis sector representing an aggregate value
of nearly $8 million. Collectively, the contracts include
design-build, architecture and design, engineering, and equipment
integration services for clients in the northeast, southeast, and
western United States. The Company anticipates that the revenue for
these projects will be recognized over the next four quarters.
“We are pleased to see activity within the
cannabis sector and are encouraged by the anticipated momentum
propelled by business-friendly legislation within the Federal
government,” commented Bradley Nattrass, Chairman and CEO. “This
positive shift is exemplified by one of these contracts in which a
client had previously paused their project early this year after
securing a license and working with our team to complete the design
phase. Reflecting a positive sector shift, this client is now
resuming their project and has engaged urban-gro for the build
phase. This is one of many similar examples of projects where
timing has been temporarily impacted, yet remains in our ecosystem,
representing future opportunities for growth. While these forces
ebb and flow, we will be ready to support our clients' needs when
the sector rebounds at some point in the quarters ahead.”
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is an integrated
professional services consulting firm delivering professional
services and solutions across architecture, design, engineering,
equipment integration, and construction management. Our
multi-sector expertise encompasses a diverse set of projects across
a host of industries such as CEA, light industrial, healthcare,
hospitality, laboratories and more. Our dedicated and innovative
team is fueled by a commitment to empower our clients by providing
exceptional customer experiences throughout the project lifecycle
and beyond, including post-operational support. With offices across
North America and in Europe, we deliver Your Vision – Built. Learn
more by visiting www.urban-gro.com.
Safe Harbor Statement
This 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,”
"forecast" and similar expressions and variations as they relate to
the Company or its management are intended to identify
forward-looking statements. The forward-looking statements in this
press release include, without limitation, future events, business
strategy, future performance, opportunities for growth, prospects,
legislative and/or regulatory events, plans and objectives of
management. These and other forward-looking statements are based on
current expectations, forecasts, and assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially from those anticipated or expected, including,
among others, our ability to successfully manage and integrate
acquisitions, our ability to accurately forecast revenues and
costs, competition for projects in our markets, our ability to
predict and respond to new laws and governmental regulatory
actions, our ability to successfully develop new and/or
enhancements to our product offerings and develop a product mix to
meet demand, risks related to adverse weather conditions, supply
chain issues, rising interest rates, economic downturn or other
factors that could cause delays or the cancellation of projects in
our backlog or our ability to secure future projects, our ability
to maintain favorable relationships with suppliers, risks
associated with reliance on key customers and suppliers, our
ability to attract and retain key personnel, results of litigation
and other claims and insurance coverage issues, risks related to
our information technology systems and infrastructure, our ability
to maintain effective internal controls, our ability to execute on
our strategic plans, our ability to achieve and maintain cost
savings, the sufficiency of our liquidity and capital resources,
and our ability to achieve our key initiatives for 2023,
particularly our growth initiatives. A more detailed description of
these and certain other factors that could affect actual results is
included in the Company’s filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof, except as may be required by law.
Investor Contacts:
Dan Droller – urban-gro, Inc.-or-Jeff Sonnek –
ICR, Inc.(720) 730-8160investors@urban-gro.com
Media Contact:
Briana Chester – MATTIO Communications (424)
465-4419urbangro@mattio.com
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