Urban-gro posts record preliminary sales total of $62M for 2021

LAFAYETTE — Urban-gro Inc. (Nasdaq: UGRO) is reporting preliminary revenue of $62 million in 2021, a record for the company.

“This implies growth of more than 140% compared to $25.8 million in fiscal year 2020,” according to the company’s disclosure of select financial figures.

Urban-gro is an indoor agricultural engineering firm that primarily operates in the cannabis industry.

Last year “was an exceptional year for our organization and I’m pleased we exceeded our business and financial expectations. As we move into 2022, we are experiencing strength in our diversified global controlled environment agriculture markets and continue to enjoy significant momentum with both new and existing clients,” Urban-gro CEO Bradley Nattrass said in a prepared statement.

Urban-gro had an eventful 2021. In February, it went public with a $62.1 million initial public offering. In June, Urban-gro purchased for $9 million the architecture and interior design firm MJ12 Design Studio, making it the first integrated architecture, engineering and cultivation company in the marijuana space. In August, it posted a quarterly profit for the first time in its history. 

Earlier this month, Urban-gro invested $2.5 million in XS Financial (CSE: XSF), a company that provides financing and equipment leasing services to cannabis firms. 

Urban-gro was also hit by $5.1 million in what it called fraudulent wire transfers in October and is suing its bank for allegedly allowing the fraud to occur.

Urban-gro’s stock closed at $9.70 after rising to $10.19 this morning.

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