Agribusiness  February 2, 2022

Urban-gro expands stock buyback program again

LAFAYETTE — Indoor agricultural engineering firm Urban-gro Inc. (Nasdaq: UGRO) announced Tuesday that it is expanding its stock repurchase program by $1.5 million, bringing its total to $8.5 million. 

This follows a $2 million extension of the program last month. 

When Urban-gro announced last month’s extension, company CEO Bradley Nattrass said in a statement that it “underscores our confidence in the strength of our balance sheet, quality of our assets and our ongoing ability to generate free cash flow. At recent market price levels, we believe the repurchase program is an excellent opportunity to buy our common shares at a significant discount to their intrinsic value and presents an attractive investment.”

Both of these extensions come on the heels of an expected 140% increase in year-over-year revenue for the 2021 fiscal year. 

Urban-gro stock closed Tuesday at $9.70 per share.

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