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.