Agribusiness  April 1, 2019

Urban-gro revenues soar 63 percent

LAFAYETTE — Urban-gro Inc., a Lafayette-based cannabis company, reported revenue of $20 million for 2018, up 63 percent from $7.75 million the prior year.

The company, which provides technological solutions for cannabis cultivation, attributed the increase to increased sales of cannabis technology systems.

But Urban-gro also increased its net loss, to $3.9 million, or 16 cents per share, from $2.58 million, or 11 cents per share, in 2017. The company attributed the increased loss to expansion of staffing to accommodate growth.

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Urban-gro now employs 58 people, including 20 who were added in the past year. The company last year opened a satellite office in the WeWork The Lab facility in the Lower Highlands area of Denver.

The company in January executed a letter agreement with 4Front Capital Partners Inc., based in Toronto, whereby 4Front will act as an exclusive placement agent in connection with a proposed private offering of up to $6 million of either debt or equity securities, Urban-gro said in its 10k filing with the U.S. Securities and Exchange Commission.

 

LAFAYETTE — Urban-gro Inc., a Lafayette-based cannabis company, reported revenue of $20 million for 2018, up 63 percent from $7.75 million the prior year.

The company, which provides technological solutions for cannabis cultivation, attributed the increase to increased sales of cannabis technology systems.

But Urban-gro also increased its net loss, to $3.9 million, or 16 cents per share, from $2.58 million, or 11 cents per share, in 2017. The company attributed the increased loss to expansion of staffing to accommodate growth.

Urban-gro now employs 58 people, including 20 who were added in the past year.…

Ken Amundson is managing editor of BizWest. He has lived in Loveland and reported on issues in the region since 1987. Prior to Colorado, he reported and edited for news organizations in Minnesota and Iowa. He's a parent of two and grandparent of four, all of whom make their homes on the Front Range. A news junkie at heart, he also enjoys competitive sports, especially the Rapids.
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