: Cannabis greenhouse builder Urban-gro rallies on cash settlement, backlog growth
Urban-gro Inc. UGRO stock is up 17% in premarket trades after the cannabis greenhouse design and build company said it’s received a $2.4 million cash settlement with its former bank. It also signed more than $40 million in contracts in the first quarter to bring its backlog to a record $123 million. “With the incremental cash from the settlement, combined with the growth in the business we are forecasting through the balance of 2023, we believe we have adequate non-dilutive financial resources available to navigate the current environment,” Urban-gro CEO Bradley Nattrass said in a statement. The Lafayette, Colo.-based company will report its first-quarter results on May 11.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.