Cannabis  September 1, 2023

Urban-gro secures $2.3M in cash to retire debt

LAFAYETTE — Urban-gro Inc. (Nasdaq: UGRO), a Lafayette-based company that provides controlled-environment systems for cannabis companies and other industries, has secured $2.3 million in cash that will be used to retire debt.

The company Thursday announced an agreement under which XS Financial Inc., an equipment-finance company for the cannabis industry, will retire urban-gro’s convertible note for $2.3 million, a 10% discount over the company’s current book value of the investment. The cash payment is in addition to $300,000 in interest earned since making the original $2.5 million investment in the fourth quarter of 2021.

“We believe XS Financial is a great company working to support the cannabis industry by helping clients finance their capital expenditures, and we look forward to continuing our strategic relationship,” urban-gro’s chairman and CEO, Bradley Nattrass, said in a written statement. “As we look ahead and position ourselves for the future, we are focused internally on sound capital management, maintaining a healthy balance sheet, and executing on our multi-sector business development plan.”


Exploring & expressing grief

Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.

Sign up for BizWest Daily Alerts