Cannabis-focused engineering design and services company urban-gro, Inc. UGRO disclosed Tuesday that it has launched its financial services division and entered into a strategic agreement with the cannabis-focused specialty finance company XS Financial to provide its clients with CAPEX leasing solutions.
The partnership between the two companies also grants XS Financial’s customers access to the Colorado-based fully integrated architectural, engineering, and cultivation systems integration company’s vendors and enhanced purchasing power.
“In response to our client’s request to provide financing solutions, I am excited to launch our new Financial Services division, and our strategic alliance with XS Financial further strengthens our purchasing power with leading horticulture manufacturers and allows us to continue to exceed client’s expectations,” Bradley Nattrass, chairman, and CEO of urban-gro said. “In addition to strengthening the value of the solution that we provide our clients, we believe XS Financials’ competitively priced access to capital for operators will broaden our reach within the cannabis and food-focused indoor CEA market and further assist in minimizing and eliminating supply chain delays.”
According to its latest earnings report, the company generated $12.8 million in revenue in the second quarter of fiscal 2021, representing a year-over-year increase of 220%.
David Kivitz, CEO, XS Financial disclosed that the deal with urban-gro will additionally expand the company’s reach and provide financing solutions to qualified customers within indoor cannabis CEA.
“New and existing XS customers will benefit greatly from urban-gro’s strong purchasing power, diversified service offerings backed by deep domain experience, and credibility in our industry,” Kivitz commented.
Price Action
urban-gro’s shares traded 7.03% higher at $13.39 per share at the time of writing Tuesday morning.
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