urban-gro, Inc.

XS Financial provides the U.S. cannabis industry access to competitively-priced, non-dilutive CAPEX financing solutions. Founded in 2017, the Company specializes in providing financing for equipment and other qualified capital expenditures to growing cannabis companies, including cultivators, processors, manufacturers and testing laboratories. In addition, XSF has partnered with over 200 original equipment manufacturers (OEM) through its network of Preferred Vendor partnerships. This powerful dynamic provides an end-to-end solution for customers, resulting in recurring revenues, strong profit margins, and a proven business model for XSF stakeholders.

urban-gro, Inc.® (Nasdaq: UGRO) is a fully integrated architectural, engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities. With experience in hundreds of CEA facilities spanning millions of square feet across the globe, we engineer, design, and integrate complex environmental equipment systems into high-performance facilities. Once operational, urban-gro’s gro-care® Managed Services Platform leverages the company's expertise to reduce downtime, provide continuity, and drive facility optimization. Operating as a crop-agnostic solutions provider in both food and cannabis CEA sectors, our crop-focused end-to-end approach provides a single point of accountability across all aspects of growing operations. Visit urban-gro.com to discover how we help you gro plants and gro profits.

<div>Colorado-based Urban-gro offers fully integrated indoor CEA facilities for cannabis and food production. The company designs, engineers, and integrates end-to-end cultivation systems for its customers. Urban-gro also offers customer service solutions including training, and audits, through its &ldquo;gro-care&rdquo; service platform. As of 2022, Urban-gro serves customers in North America and Europe and has completed over 450 projects.</div>

Bringing fresh produce closer to consumers with efficient, advanced technology.

Vertical Farming

urban-gro

urban-gro, Inc. Secures Design-Build Contract Valued at Approximately $20 Million

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 Colorado-based Urban-gro offers fully integrated indoor CEA facilities for cannabis and food production. The company designs, engineers, and integrates end-to-end cultivation systems for its customers. Urban-gro also offers customer service solutions including training, and audits, through its &ldquo;gro-care&rdquo; service platform. As of 2022, Urban-gro serves customers in North America and Europe and has completed over 450 projects.
 
 
 <a href="https://sp-edge.com/updates/7633?industryIds=11">
 In January 2022
 </a>
 , Urban-gro entered into a partnership with Thrive Agritech for its LED lighting solutions. According to the agreement, Thrive Agritech will be the authorized supplier for lighting systems for Urban-gro&rsquo;s integrated solutions. The company partnered with Teens for Food Justice, a youth-led organization providing hydroponic farming solutions for food security, to open a new indoor vertical farm at Bruce Randolph High School 
 <a href="https://sp-edge.com/updates/10144">
 in April 2022
 </a>
 
 
 The company went public on the NASDAQ&nbsp; in July 2021, raising USD 62.1 million, offering 6,210,000 ordinary shares at USD 10 per share. The funds were to support Urban-gro&rsquo;s expansion plans into the European market, and general corporate purposes, which included funding future investments and acquisitions that aligned with the company&rsquo;s growth strategy.&nbsp;
 
 
 urban-gro recorded revenue of USD 16.8 million in 
 <a href="https://sp-edge.com/updates/18512">
 Q1 2023
 </a>
 , down 20% YoY and net loss of USD 5.1 million, which worsened by 639% YoY. The company provides FY2023 consolidated revenue guidance, which is projected to fall between USD 100 million and USD 120 million, while its adjusted EBITDA is anticipated to be between a loss of USD 3 million and a slightly positive value.
 
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Based in Germany, Agrilution produces and sells small container farms (known as Plantcubes) that can be placed inside kitchens. Its growing system is suitable to grow lettuce, microgreens, and herbs. The farm can be controlled via a mobile phone.

Agrilution

Based in Belgium, Urban Crop Solutions produces growing systems inside shipping containers (called PlantFactories). The company also builds custom farms inside buildings (e.g. warehouse, basement). The company's modular " PlantFactories " are deemed ideal for highly urbanized areas, since they take up little space and can be stacked. As of March 2020, it had 28 projects in operation with its main customers located across Europe and in the US.The company launched an e-shop in February 2023 to better support existing and new customers in the day-to-day and long-term operation of their indoor farming businesses. The e-shop offers from seeds and substrates to sensors and container parts.In April 2023, the company appointed <a href="https://sp-edge.com/updates/17741">AlfaTech </a>, an engineering consulting firm, as the integration and service partner for UCS’s products in the Southeast Asian region.

Urban Crop Solutions

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 Based in Massachusetts, Crop One Holdings operates hydroponics-based vertical farming that produces herbicide and pesticide-free leafy greens. As of December 2021, the company operates a facility in Millis, Massachusetts, and serves more than 30 stores in the US through its subsidiary—FreshBox Farms, producing greens such as spinach, kale, and romaine as well as a spicy mix, spring mix, and a power blend.   
 
 
 The company claims to have a longer commercial production history than any other vertical farmer in North America. It further claims that its proprietary technology and plant science help generate among the highest crop yields in the industry, up to 20%–60%, and at 25% to 50% of the capital cost of other vertical farming companies. It is also able to produce output that uses 99% less water compared to outdoor fields.
 
 
 The company states that scaling its production is the most challenging aspect and has now begun expanding its operations seven years after commencement. As part of their expansion plans, the company announced a Joint Venture with Emirates Flight Catering in June 2018, and 
 <a href="https://sp-edge.com/updates/7493">
 in December 2021,
 </a>
 the two companies announced plans to build a 130,000 sq ft farm in Dubai, reportedly the largest vertical farming facility in the world. Crop One also plans to build a new facility every year for the next five years. The Dubai facility is expected to produce about 6,000 pounds of leafy greens per day, which will also serve Emirates’ customers, including 105 airlines and 25 lounges. In July 2022, the company announced the opening of its second farm, “Emirates Crop One” (ECO 1), a 330,000+ sq ft facility that is expected to produce up to 2 million pounds of leafy greens per year.  
 
 
 In 
 <a href="https://sp-edge.com/updates/15395">
 December 2022
 </a>
 , Crop One and Cold Spring Harbor Laboratory received a USD 1.5 million grant from the Foundation for Food & Agriculture Research (FFAR) to develop aquatic plants of the Lemnaceae (Lemna) family to provide high-quality protein for human consumption.
 
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Crop One Holdings

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 Agricool, a French startup, operates vertical farms in containers using an aeroponic growing system. The company sells its leafy greens, herbs, and strawberries to grocery stores. It currently operates container farms (which it calls “cooltainers”) in Paris and Dubai. By 2021, it plans to operate around 100 farms. The light-emitting diode (LED) lighting used in its containers are powered by 100% renewable energy. The company claims that its locally grown strawberries contain 30% more vitamin C than supermarket strawberries. 
 
 
 
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Agricool

Berlin-based Infarm is a startup that produces herbs and green leaves such as basil, pak choi, coriander, and thyme via a hydroponic vertical farming system. It also produces modular growing systems for grocery retailers, restaurants, schools, and shopping malls in a farming-as-a-service model that sets it apart from competitors. Infarm handles the installation, cultivation, harvesting, and maintenance of its modular farms.&nbsp;&nbsp;The company's cloud-based platform “Growing Centres” is designed to be scalable and can add more modules provided there are no space constraints. Each module can produce 500,000 plants per year using 430 sq ft of space. The farms are monitored and controlled by Infarm’s central control center. As of December 2021, Infarm revealed it was conducting R&amp;D to expand its portfolio with 40 new crops in 2022 including mushrooms, cherry tomatoes, peas, and strawberries, while increasing its presence to 100 growing centers across 20 countries by harvesting a variety of fruits and vegetables by 2030.&nbsp;<a href="https://sp-edge.com/updates/14648">In November 2022</a>, the company announced that it has successfully grown wheat at its indoor farms without the use of soil, chemicals and pesticides, projecting yields of up to 11.7 kg per square meter per year based on initial results.Infarm strengthened its US presence in February 2022, with plans to open a new <a href="https://sp-edge.com/updates/8415">73,000 sq ft vertical farm</a> in Kyle, Texas with a capacity to produce 2.2 million pounds of salad per year. In June 2022, Infarm said that it would be building a 200,000 sq ft Growing Center in Maryland, its third and reportedly largest farm in its network. In Europe, the company began constructing a 10,000 sq meter (~107,000+ sq ft) vertical farming facility in Bedford in August 2021, which may be one of the largest vertical farming facilities in Europe, with the ability to produce up to 18 million plants per year at full capacity (equivalent to 360,000 sqm of farmland). The facility was opened in June 2022. Infarm also revealed plans to open its first growing center in Qatar in 2023, with a focus on fruits such as strawberries, alongside leafy greens, herbs, and salads (December 2021).In October 2023, Infarm’s <a href="https://sp-edge.com/updates/22462">UK branch</a> entered administration under the laws of England and Wales and the Insolvency Rules following the bankruptcy of its <a href="https://sp-edge.com/updates/22225">Dutch</a> branch in September 2023. Previously in April 2023, the company <a href="https://sp-edge.com/updates/17740">closed its facilities</a> in Frankfurt and Copenhagen due to escalating energy prices, inflation, supply chain disruptions, rising material costs, and tough financial markets.Key customers and partnershipsInfarm expanded in Canada, via its partnership with Sobeys (Canada’s second-largest food retailer), to construct four production facilities in Calgary, Halifax, Winnipeg, and Hamilton by 2023, to supply to over 1,000 Canadian grocery stores (July 2021). It aims to operate a capacity of 3 million sq ft in Canada by 2025. The company also has partnered with the virtual supermarket <a href="https://sp-edge.com/sectors/sustainability/updates/6154">Rohlik.cz </a>to offer its greens in the Czech Republic, marking its foray into the Eastern European market. Infarm also partnered with Swedish multinational ready-to-assemble furniture company IKEA <a href="https://sp-edge.com/updates/11069">in June 2022 </a>to supply modular vertical farming solutions to grow herbs at three IKEA stores. Infarm expanded its presence to the Netherlands, where it announced an exclusive supply partnership with online retailer Crisp ( <a href="https://sp-edge.com/updates/7874">January 2022 </a>). As of February 2022, the company had partnered with over 30 retailers across North America, Europe, the UK, and Japan including Kroger, Whole Foods, Amazon Fresh, and <a href="https://sp-edge.com/updates/8769">Coop Danmark </a>, supplying its fresh produce to over 2,850 stores. It also plans to enter new markets in Asia-Pacific and the Middle East.Funding and financialsIn June 2021, it was reported that it was in talks with <a href="https://sp-edge.com/sectors/sustainability/updates/1022">Kernal Group </a>to go public via the special purpose acquisition company (SPAC) route. The possible transaction was likely to value the combined company at over USD 1 billion.Infarm raised USD 200 million in <a href="https://sp-edge.com/sectors/sustainability/updates/7389">Series D funding </a>in December 2021. The round has brought the company’s total funding to around USD 605 million at a valuation of more than USD 1 billion. The fresh funds were to be used for Infarm’s global growth strategy.

Infarm

A soilless growing method that combines aquaculture with hydroponics. A crop's roots are placed directly in containers of nutrient-enriched water connected to fish farming tanks, allowing crops to absorb a continuous supply of nutrients from the waste produced by the fish.

A soilless growing method that places crops' roots directly in containers filled with nutrient-enriched water.

A soilless growing method that suspends crops in the air with a sprinkler or misting system used to spray the exposed roots with a nutrient-rich solution.

Startups that produce and sell modular growing systems that can be placed within containers (e.g. small containers, shipping containers) and buildings or rooms. The containers can be located in a variety of places, such as retail stores, parking lots, and kitchens.

Urban indoor farming maximizes land use by providing controlled environments for efficient crop production

Certain vertical farming systems use IoT and related sensor technologies

Techniques enable better land use management

Colorado-based vertical farming company urban-gro has secured contracts worth nearly $8m with four clients in the cannabis controlled environment agriculture (CEA) sector. The contracts include design and build, architecture and design, engineering and facilities integration services for clients in the US. The company expects revenue from these projects over the next four quarters. Urban-gro's growth strategy involves expanding into the US and European markets. It previously signed contracts worth $3m for clients in the US and Europe, offering architecture and design, engineering and equipment integration services.

urban-gro

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