urban-gro, Inc. (UGRO) ("urban-gro" or the "Company"), an integrated professional services and Design-Build firm offering solutions to the Controlled Environment Agriculture ("CEA") and commercial sectors, today announced that the Company has signed multiple new contracts with more than fifteen clients in the cannabis sector, with aggregate expected contract revenue of approximately $12 million. The contracted scopes of work include equipment procurement as well as engineering, architecture, and design services for cultivation, extraction, and retail dispensary projects across the U.S. The Company expects the majority of revenue from these projects to be recognized by the end of the first quarter of 2025.
"Fueled by the anticipation of positive results in November on Florida's Amendment 3 ballot initiative as well as the release of licenses in other new markets, we're excited to see our momentum in the cannabis sector continue to accelerate," said Bradley Nattrass, Chairman and CEO. "Despite the downturn over the past couple of years, we've remained confident in the sector's long-term growth potential. Our decision to retain the entire cannabis business unit team through this period has strategically positioned us to quickly capitalize on emerging opportunities with new and existing clients. As it relates to the Florida ballot initiative, we remain unwavering in our support for the Smart and Safe Florida campaign, and I strongly encourage all of our Floridian friends to vote Yes on 3 this November 5th."