Marijuana cultivation facility design and engineering firm Urban-Gro priced an initial public offering on the Nasdaq exchange to raise $54 million before expenses.
The IPO put up 5.4 million shares of the Lafayette, Colorado-based company at a price of $10 per share.
Urban-Gro also works in the non-cannabis indoor cultivation industry.
“To date, a large number of our clients have been cannabis producers, and we will continue to do substantial work for those clients, but we have added a focus on non-cannabis crops as we seek to address a broader market,” Urban-Gro noted in a regulatory filing dated Feb. 10.
The company will use the proceeds of the IPO “to support organic growth, to expand in the European (controlled environment agriculture) market, for general corporate purposes, including to fund potential future investments and acquisitions of companies,” as well as to repay debt, according to a news release.
Urban-Gro shares trade on the Nasdaq under the ticker symbol UGRO.
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