Ancillary Cannabis Business Ramps Up Market Presence With $3M In Marijuana Contracts

Urban-gro, Inc. UGRO announced Wednesday that it has signed over $3 million of contracts spread across four clients in the cannabis sector.

The contracts include architecture and design, engineering and equipment integration services for clients in the Northeast and Midwest U.S. as well as Western Europe.

The Lafayette, Colorado-based company anticipates that the revenue for these projects will be predominantly recognized over the next three quarters.

"We're pleased to see positive developments with our cannabis sector initiatives, and moreover, continuing to the next project stage with two existing clients that had paused their projects at the beginning of the year," Bradley Nattrass, chairman and CEO said. "In addition, I am excited we signed this initial stage design contract on a new client's cannabis project in Western Europe, one that our Netherlands-based team anticipates will progress to additional engagements."

Nattrass will undoubtedly share more insight on what's next for the company at the upcoming Benzinga cannabis event in Chicago, where he is a speaker.

Meanwhile, the move comes on the heels of the Drug Enforcement Administration (DEA) being called by a top official at the Department of Health and Human Services to reclassify marijuana as a Schedule III drug under the Controlled Substances Act.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

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