Marijuana grow facility designer Urban-Gro UGRO has raised $62 million to boost expansion to the European CEA market.
Proceeds will also go toward general corporate purposes, potential investments and acquisitions, and repayment of debt obligations, the Vancouver, British Columbia-based company noted.
Urban-Gro closed a public offering of some 6.21 million of its shares at $10 per share.
The offering also includes 810,000 shares sold once the underwriters exercise their right to buy additional shares.
ThinkEquity, a division of Fordham Financial Management Inc., acted as sole book-running manager.
Urban-Gro develops and installs Controlled Environment Agriculture systems. It's an engineering design and services company with a focus on the horticulture market.
In addition, the company started trading on the Nasdaq Capital Market under the symbol "UGRO" On Friday, Feb.12.
Meanwhile, Agrify Corp. AGFY — another developer of premium grow solutions — recently debuted on the Nasdaq Capital Market. The Burlington, Massachusetts-based company also raised funds to accelerate its growth, securing approximately $75 million in financing through an underwritten public offering of its shares on Wednesday.
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