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Urban-gro, Inc. (NASDAQ:UGRO), a design-build provider to the cannabis industry released its financial results for the quarter ended March 31, 2024 and reaffirmed full year 2024 guidance. The Colorado-based company reported quarterly revenue of $15.5 million, compared to $16.8 million in the same period a year ago.
“I’m pleased with the progress of our diversification strategy that leverages our professional services talent and continues to drive our evolution into the multi-sector focused professional services consulting firm that we are today," stated Bradley Nattrass, chairman and CEO. "Our performance in the first quarter reflected solid bottom-line improvement on both a sequential and year-over-year basis and was enhanced by our targeted actions to reduce our operating expenses. We remain focused on the elements of the business that we can control and are pushing ahead with our growth strategies to ensure that we can recapture sustained positive Adjusted EBITDA1 in the near term."
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Nattrass also commented on this week's DEA's announcement that it supports cannabis reclassification from Schedule I to Schedule III of the US Controlled Substances Act.
"We are encouraged by several credible reports in the media indicating that the U.S. Drug Enforcement Agency is supporting the U.S. Department of Health’s recommendation to reclassify cannabis from the most stringent schedule I to the less stringent schedule III," he said. "The successful rescheduling of Cannabis would serve as a long-awaited catalyst that we’ve anticipated to reinvigorate the industry through increased operator working capital that could be reinvested in facility upgrades and build-outs.”
Urban-gro shares closed Thursday’s market session 3.53% lower at $1.93 per share.
Photo: Courtesy of Rex Medlen via Pixabay
Posted In: UGRO