Urban-gro grows loss, prunes revenue

LAFAYETTE — Indoor cannabis agriculture engineering and dispensary design firm Urban-gro Inc. (Nasdaq: UGRO) trimmed its revenues in the first quarter of 2023, resulting in a growing year-over-year net loss.

Sales in the most recent period were $16.8 million, down from $21.1 million in the first quarter last year. 

“This decrease from the prior year period was predominantly driven by a $14.2 million decrease in equipment systems revenue reflecting significantly reduced equipment demand in the U.S. cannabis market as a result of ongoing state-level regulatory delays in the license-awarding process, as well as the lack of movement on passing key legislation impacting…