Urban-gro Inc. announced. (Nasdaq: UGRO) reported initial revenue of $62 million in 2021, a record for the company.
“This means more than 140% growth compared to $25.8 million in fiscal year 2020,” according to the company’s disclosure of select financial figures.
Urban-gro is an in-house agro-engineering company primarily engaged in the hemp industry.
Last year has been an exceptional year for our organization and I am delighted that we have exceeded our business and financial expectations. “As we move into 2022, we are seeing strength in our diverse, globally regulated agricultural markets, and we continue to have significant momentum with new and existing clients,” Urban-gro CEO Bradley Natras said in a statement.
The Urban-gro event was eventful in 2021. In February, it went public with a value of $62.1 million. In June, Urban-gro bought architecture and interior design firm MJ12 Design Studio for $9 million, making it the first integrated architecture, engineering, and agribusiness firm 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 companies.
Urban-gro was also hit with $5.1 million in what it called fraudulent bank transfers in October, and it is suing its bank for allegedly allowing the fraud to occur.
Urban-gro stock closed at $9.70 after rising to $10.19 Thursday morning.
Copyright © 2022 BizWest Media LLC