UGRO - urban-gro Inc. Secures Multiple Contracts Totaling Nearly $8 Million in the Cannabis Sector | Benzinga
LAFAYETTE, Colo., Oct. 02, 2023 (GLOBE NEWSWIRE) -- 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 ...