After delivering a business update and current outlook, urban-gro Inc. (NASDAQ: UGRO) is soaring on the charts today, up 19.71% to trade at $4.07 at the last check. The UGRO stock price ended the most recent trading day at $3.40.
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What update has UGRO provided?
Today, urban-gro (UGRO) updated investors on the performance of its design-build division and reaffirmed its forecast for the third quarter of 2022.
- Urban-gro launched its full turnkey design-build solution following the acquisition of Emerald Construction Management in the second quarter.
- Under this solution, the company acts as a single point of contact for the management of architecture, engineering, cultivation design, construction, and equipment procurement and integration.
- Design-build solutions are offered for growing facilities, retail dispensaries, and numerous building types in the industrial and healthcare sectors by IGRO’s top in-house professional services team.
- These additional design-build contracts, which total more than $50 million in projects signed in the third quarter, come from a variety of clients, including top international CPG companies and cannabis CEA clients.
- A design-build contract is distinct from any orders for related professional services or equipment systems and is normally acknowledged over a period of 6 to 24 months.
- These new contracts show actual value for the firm and its clients, as client interest and involvement in urban-turnkey gro’s design-build capabilities have progressed as anticipated.
- In order to position itself for long-term, consistent, and sustainable global growth, urban-gro reaffirmed its third-quarter guidance.
UGRO’s financing move:
Recently, urban-gro (UGRO) participated in a funding scheme. XS Financial Inc. declared the receipt of its $10 million delayed draw. A specialty finance firm called XS Financial offers cannabis businesses in the US equipment and CAPEX financing options. Unsecured convertible notes financing totaled $43.5 million in principle, of which $33.5 million was funded at close on November 1, 2021. Along with other strategic partners including Landrace Financial, Bengal Capital, and KEY Investment Partners, UGRO was one of the well-known institutional investors.