urban-gro, Inc. Further Strengthens Backlog by Expanding Relationships with Two Long-Time Clients, Signing its First Strategic Enterprise Agreement and a Long-Term Cultivation Equipment Contract
LAFAYETTE, Colo., Dec. 15, 2021 (GLOBE NEWSWIRE) — urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural, engineering and cultivation systems integration company focused on the indoor Controlled Environment Agriculture (“CEA”) market, today announced the signing of two new contracts involving long-time urban-gro clients.
The first contract is a strategic enterprise agreement signed with a multi-state operator (MSO) client that operates under a globally recognized brand and provides a variety of cannabis products in regulated markets around the world. In addition to being the exclusive provider of architecture, engineering and design services for the development and build out of the client’s new cultivation facilities, urban-gro will also be the exclusive equipment supplier for all the mechanical and cultivation equipment needs of the facilities.
The second contract is with one of the leading Canadian-based licensed producers and is expected to generate approximately $9 million dollars of cultivation equipment revenue over the next several quarters. This contract is incremental to urban-gro’s announced backlog of $22.5 million as of September 30, 2021.
Bradley Nattrass, Chairman and Chief Executive Officer of urban-gro, commented, “Our depth and breadth of experience is the foundation of our competitive advantage in the marketplace. Based upon a strategic initiative launched in the second half of this year, I’m excited to close our first enterprise contract. These contracts are focused on signing extended agreements with key clients which allows us to lock in business for future quarters and years.”
When combined with our increasing purchasing power of cultivation and custom environmental equipment systems through strengthened partnerships with key vendors, we are able to provide significant value to our clients as they continue to grow, bolster our equipment backlog, and drive long-term value for shareholders.
Bradley Nattrass, Chairman and Chief Executive Officer of urban-gro
We are thrilled to further strengthen our multi-year relationships with both clients through the signing of these new agreements, providing them increased value and support as we holistically design facilities and supply equipment aligned with their specific needs.
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is a fully integrated architectural, engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities. With experience in hundreds of CEA facilities spanning millions of square feet across the globe, we design, engineer and integrate complex environmental equipment systems into high-performance facilities. urban-gro’s gro-care® Managed Services Platform leverages the company’s expertise to reduce downtime, provide continuity, and drive facility optimization. Operating as a crop-agnostic solutions provider in both food and cannabis CEA sectors, our crop-focused end-to-end approach provides a single point of accountability across all aspects of growing operations. Visit urban-gro.com to discover how we help cultivators gro plants and gro profits.