Losses mount for Urban-gro while revenues rise

LAFAYETTE — Urban-gro Inc. (OTCQX: UGRO), a Lafayette-based developer of cannabis grow facilities, posted net losses for the 2019 fiscal year of $8.4 million, up from $3.9 million the prior year.

While losses were up, financial reports released this week show revenues also climbed. Revenue for Urban-gro, which is seeking to be listed on the Canadian Securities Exchange and is now reporting its earnings publicly, was $24.2 million in 2019, an increase of 20%; or $4.1 million, compared to $20.1 million for 2018.

“With the changes in the capital markets, 2019 proved to be a challenging year for the cannabis industry and the urban-gro team.  I am very proud of how we efficiently and successfully began restructuring the organization to focus on the company’s core services and achieving positive cash flow in 2020,” CEO Bradley Nattrass said in a prepared statement.

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