Cannabis industry environmental engineering company Urban-gro Inc. (Nasdaq: UGRO) is seeding a new venture with the acquisition of architecture and interior design firm MJ12 Design Studio and Georgia-headquartered parent company 2WR+ Partners LLC.
According to Urban-gro, the deal — worth more than $9 million paid in cash and stock with the potential for another $2 million in performance bonuses — makes the Lafayette company the first fully integrated architecture, engineering, and cultivation systems operator in the cannabis controlled environment agriculture, or CEA, space.
“This accretive and synergistic acquisition positions Urban-gro for a strong future in the global CEA market. … The company can now directly address more challenges faced by cultivators when expanding existing or designing new CEA facilities,” Urban-gro CEO Bradley Nattrass said in a prepared statement. “… The inclusion of architecture allows us to now offer our clients complete design capabilities for their cultivation, processing, extraction, and retail facilities. Moreover, the move brings the company one step closer to our goal of delivering complete, end-to-end turn-key indoor CEA facilities.”
MJ12 Design Studio and 2WR+ Partners have a total of 23 employees who will join the Urban-gro staff.
MJ12 Design Studio principal Sam Andras will join Urban-gro’s executive team and oversee architecture, engineering, and design.
© 2021 BizWest Media LLC