urban-gro, Inc. (Nasdaq: UGRO) Issues Comprehensive Business Update: Strategic Transformation from Controlled Environment Agriculture to Sports, Media, and Experiential Platform; Restored Nasdaq Listing Compliance; Cricket Strategy Aligned with LA28 Olympic Inclusion and Growth of US Collegiate Cricket
Following Q1 2026 combination with Flash Sports & Media, Inc. (“Flash”) and integration of Innovative Production Group FZ, LLC (“IPG”); Nasdaq has confirmed regained compliance with periodic reporting, minimum stockholders' equity, minimum bid price, and annual meeting requirements per previously filed Forms 8-K; Lanka Premier League Season 6 (July 10 – August 5, 2026) anchors the Company's first full operating cycle; cricket's LA28 Olympic inclusion and growth at US collegiate club level provide strategic context for platform development
LAFAYETTE, Colo., April 27, 2026 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), which operates its sports and media business under the Flash brand, today is providing a comprehensive business update to investors regarding (i) the Company's strategic transition into a sports, media, and experiential marketing platform, (ii) the restoration of its Nasdaq listing compliance as previously disclosed in Forms 8-K, (iii) the Company's near-term operating focus around Lanka Premier League (“LPL”) Season 6, and (iv) strategic context for the Company's cricket platform, including and separately, the inclusion of cricket at the Los Angeles 2028 Olympic Games and the expansion of cricket at the US collegiate club level.
Business Update at a Glance
| Strategic Position | Diversified sports, media, and experiential marketing platform following Flash merger and IPG integration |
| Prior Business | Controlled Environment Agriculture (“CEA”) services and equipment systems integration |
| Nasdaq Listing Status | Continued listing on The Nasdaq Capital Market (subject to continued compliance with Nasdaq listing rules); full compliance restored across all previously cited standards (per Forms 8-K filed in March 2026); subject to one-year Discretionary Panel Monitor under Listing Rule 5815(d)(4)(A) |
| First Operating Catalyst | Lanka Premier League Season 6, July 10 – August 5, 2026 (confirmed by Sri Lanka Cricket on April 22, 2026); UGRO participates through IPG, the event rights holder |
| Industry Tailwinds | Cricket confirmed as new sport at LA28 Olympic Games; expanding US collegiate club-level cricket participation |
Strategic Transformation: From CEA to Sports, Media & Experiential
Over the past two quarters, urban-gro has completed a strategic repositioning intended to diversify the Company's revenue streams and align resources with sectors the Company believes offer broader long-term opportunity. Historically, the Company operated as an integrated professional services and Design-Build firm offering value-added architectural, engineering, and construction management solutions to the CEA, industrial, healthcare, and other commercial sectors.
On October 14, 2025, the Company announced its planned combination with Flash, and on February 17, 2026, the Company completed that merger, acquiring 100% of the outstanding shares of Flash. Through the combination and the related integration of IPG, the Company has transitioned into a diversified sports, media, and experiential marketing platform focused on the creation, production, and monetization of live events, original content, and branded fan experiences. The Company's sports and media business now operates under the Flash brand.
“This transformation reflects a deliberate decision to reposition the Company in a sector with what we believe are stronger long-term tailwinds and broader monetization pathways than our historical end markets had been delivering,” said Bradley Nattrass, Chief Executive Officer of urban-gro. “The combination with Flash and integration of IPG gives us an operating platform across live events, content, and experiential activations — most immediately in cricket, where we believe a number of structural drivers are converging at the same time.”
Restored Nasdaq Listing Compliance
As previously disclosed in the Company's Current Reports on Form 8-K, Nasdaq has confirmed that the Company has regained compliance with all Nasdaq Listing Rules previously cited in deficiency notices, covering periodic reporting (Rule 5250(c)(1)), minimum stockholders' equity (Rule 5550(b)(1)), minimum bid price (Rule 5550(a)(2), satisfied following a 1-for-25 reverse stock split effected February 9, 2026), and the annual meeting requirement (Rule 5620(a)). The Company is subject to a one-year Discretionary Panel Monitor under Listing Rule 5815(d)(4)(A) and intends to maintain compliance with all applicable Nasdaq Listing Rules. For the complete description of these matters, investors are encouraged to review the Company's filings on Form 8-K and the Annual Report on Form 10-K, available at www.sec.gov.
Strategic Context: Why Cricket, and Why Now
The Company's entry into cricket through its IPG subsidiary positions urban-gro as an operating participant in a sport that is, in the Company's view, undergoing a structural inflection in global commercialization, U.S.market development, and Olympic-cycle visibility. The following sections describe the strategic context. None of the third-party developments described below reflect contractual arrangements between urban-gro and the bodies referenced (e.g., the IOC, LA28, USA Cricket, the NCAA, or any college athletic conference); they are provided as industry context only.
1. Operating Position Through IPG and the Lanka Premier League
Through IPG, the Company is the event rights holder for an established T20 franchise league owned by Sri Lanka Cricket. T20 is the format adopted globally for both franchise leagues and the Olympic Games (LA28). The IPG operating relationship with the LPL provides the Company with:
- Operating credentials in T20 cricket production: experience across tournament operations, broadcast production, sponsorship sales, and on-ground experiential activations — the same disciplines underlying every other commercial T20 property.
- Recurring annual operating cycle: an established tournament window each year (Season 6 confirmed for July 10 – August 5, 2026), giving the Company a predictable cadence of media, sponsorship, and experiential activity for investor reporting.
- Platform leverage: the same production, sponsorship, and content capabilities used for the LPL can, subject to commercial arrangements and market conditions, be deployed against other T20 properties or geographies the Company may pursue over time.
2. LA28 Olympic Inclusion of Cricket
Cricket Confirmed as a New Sport at LA28. The International Olympic Committee Executive Board approved cricket's inclusion at the Los Angeles 2028 Olympic Games. According to publicly available information from the IOC and the International Cricket Council (“ICC”), the Olympic cricket competition will be played in the T20 format — the same format used for the LPL — with six men's and six women's national teams competing in 28 total matches. As host nation, the United States is expected to receive direct entry to the cricket competition, subject to ICC and IOC qualification confirmation. Cricket has not been contested at the Olympic Games since the Paris 1900 Games.
In the Company's view, the LA28 inclusion has the following implications for cricket-focused operating platforms generally and, by extension, may benefit the Company's cricket platform over time:
- Format alignment: the LPL is operated in T20, identical to the LA28 cricket format. The Company's production, broadcast, and operational competencies in T20 are directly applicable to the format that will be played at the Olympics, and to the broader T20 ecosystem that develops around any Olympic-cycle property.
- U.S. market visibility: cricket's presence at a US-hosted Olympic Games is expected to increase US fan, sponsor, and broadcaster awareness of the sport during the 2026–2028 cycle. Operators with active cricket platforms in this window may benefit from elevated category visibility.
- Sponsor and brand category development: the lead-up to LA28 is expected to prompt brand and rights-holder evaluation of cricket as a sponsorship category in the US market, which the Company believes may, over time, expand the addressable commercial market for cricket properties globally.
Note: urban-gro has no contractual relationship with the IOC, LA28, or the ICC, and has not announced any role in connection with the Olympic cricket competition. The benefits described are general industry effects associated with Olympic inclusion of a sport. Whether and to what extent urban-gro realizes any of these benefits will depend on factors outside the Company's control, including its ability to commercialize its cricket platform, broader market conditions, and the actions of cricket's governing bodies.
3. Growth of Cricket at the US Collegiate Club Level
Growth of Cricket at the US Collegiate Club Level. Cricket participation at the US college level has expanded over the past several years, primarily through 501(c)(3) and student-led organizations such as the Collegiate Cricket League (CCL) — which is supported by USA Cricket as an affiliate partner — the National College Cricket Association, and American College Cricket. According to publicly available reporting, more than 100 active US college cricket clubs exist today, with multiple national championships contested annually.
Important clarification: Cricket is not currently recognized by the National Collegiate Athletic Association (“NCAA”) as an official NCAA sport, and there is no NCAA-sanctioned cricket competition at this time. Statements that the NCAA has “brought cricket to US colleges” would be incorrect. The growth of US college cricket to date has occurred through club-level and 501(c)(3) governance structures outside of NCAA jurisdiction. Some of these organizations have stated an aspiration to elevate cricket to NCAA-sanctioned varsity status; the timing and outcome of any such efforts is uncertain and is not within the Company's control.
Even on a club-level basis, the expansion of US college cricket is, in the Company's view, a relevant industry data point for the following reasons:
- US developmental pipeline: growth in college-level cricket participation supports broader US fan and player development, which over time may underpin demand for cricket content, sponsorship, and live events in the US market.
- Convergence with LA28: the development of US college cricket overlaps with the Olympic-cycle visibility described above. Both are independent third-party developments, but together they describe a US market in which cricket awareness is, in the Company's view, on a multi-year upward trajectory.
- Optionality, not commitment: the Company has not announced any contractual relationship with any US college cricket organization, the NCAA, or USA Cricket, and is not representing that any such relationship is contemplated. The collegiate growth narrative is provided here solely as industry context for the broader cricket category.
Summary of the Strategic Backdrop
Taken together, the Company believes these factors — an established T20 operating relationship through IPG, the LA28 Olympic inclusion of T20 cricket, and the expansion of US college-level cricket — describe a constructive medium-term backdrop for cricket-focused operating platforms. Whether and to what extent UGRO is able to translate this backdrop into specific commercial outcomes will depend on the Company's execution, contractual arrangements, governing-body and regulatory developments, broader market conditions, and other factors outside the Company's control.
Operating Focus and Near-Term Catalysts
With the Company's strategic combination complete and listing matters resolved, management's near-term operating focus is on executing as a sports, media, and experiential marketing platform. Key elements include:
- LPL Season 6 execution: Sri Lanka Cricket has confirmed the season will run July 10 – August 5, 2026 across four international venues (SSC and R. Premadasa in Colombo, Pallekele in Kandy, and Rangiri Dambulla). Foreign player registration opens May 4, 2026. UGRO participates through IPG, the event rights holder, under existing commercial arrangements.
- Platform commercialization: the Company is focused on commercial, broadcast, and on-ground planning around LPL Season 6, including sponsorship, media, and experiential activations through its IPG and Flash platforms.
- Long-term cricket positioning: the Company intends to develop its cricket platform with reference to the broader industry context described in the preceding section, including the LA28 Olympic cycle.
- Reporting cadence: the Company intends to provide investors with continued updates on operating milestones through periodic SEC filings and corporate communications.
LPL Season 6 represents the first full season the Company will participate in under its current operating structure. Actual revenues from the Company's participation will depend on the specific terms of its contractual arrangements and on overall tournament outcomes, and may differ materially from any industry-level references included in this or future communications.
About urban-gro, Inc.
Following its Q1 2026 combination with Flash Sports & Media, Inc. and the integration of Innovative Production Group FZ, LLC, urban-gro, Inc. is a diversified sports, media, and experiential marketing platform focused on the creation, production, and monetization of live events, original content, and branded fan experiences. The Company operates its sports and media business under the Flash Sports & Media brand.
About the Lanka Premier League
The Lanka Premier League is a professional T20 cricket tournament featuring Sri Lankan and international players. The league is owned by Sri Lanka Cricket and operated in partnership with IPG, its official event rights holder. Season 6 will be played from July 10 through August 5, 2026 across four venues. For additional information, visit srilankacricket.lk.
Disclaimer
The Company does not own, operate, or control the Lanka Premier League, its franchises, or any cricket governing body. The Company's involvement is limited to its contractual rights and services through Innovative Production Group FZ, LLC and related commercial arrangements. The Company has no contractual relationship with the IOC, LA28, the ICC, USA Cricket, the NCAA, or any college cricket organization, and references to such third-party developments are provided solely as industry context. The Company's actual revenues, if any, will depend on its specific contractual arrangements and may differ materially from broader industry metrics or expectations.
Investor Relations
Investor Relations Contact:
Investors@flashsm.com
Company Websites:
https://flashsportsandmedia.com
https://www.theipggroup.com
Source: urban-gro, Inc. (Nasdaq: UGRO)
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company's strategic repositioning and expansion into the sports, media, and experiential marketing sector; the anticipated benefits of the Company's combination with Flash Sports & Media, Inc. and the integration of Innovative Production Group FZ, LLC; the Company's participation in, and potential benefits from, the Lanka Premier League (“LPL”) and other cricket-related activities; the Company's ability to maintain compliance with applicable Nasdaq Listing Rules, including during and after the one-year Discretionary Panel Monitor period; the potential effects of the inclusion of cricket at the Los Angeles 2028 Olympic Games (“LA28”) and the growth of cricket in the United States, including at the collegiate level; the Company's ability to develop, commercialize, and monetize its sports and media platform; and the Company's expected operating focus, strategic priorities, and future plans.
Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “may,” “will,” “could,” “seek,” “estimate,” “potential,” “continue,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words. These statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation: the Company's ability to maintain compliance with applicable Nasdaq Listing Rules and the risk of delisting, including during the Discretionary Panel Monitor period; the Company's limited operating history in the sports and media sector and its ability to successfully execute its strategic repositioning; the early-stage nature of the Company's sports and media operations and the uncertainty of generating material revenue or achieving profitability from such operations; the Company's limited role in, and lack of control over, the operations, scheduling, governance, and commercial activities of the LPL and other third-party events; the Company's reliance on third-party partners, including IPG and other counterparties, to perform under contractual arrangements; the risk that anticipated sponsorships, media rights, or other commercial opportunities may not materialize or may be delayed; the Company's ability to successfully integrate Flash Sports & Media and realize anticipated synergies; risks relating to the wind-down, transition, or reduced emphasis of the Company's legacy Controlled Environment Agriculture operations; the Company's ability to develop additional sports, media, or experiential opportunities beyond its current activities; the extent to which broader industry developments, including the LA28 Olympic cycle and the growth of cricket in the United States, translate into commercial opportunities for the Company, if at all; competitive dynamics within the sports, media, and experiential marketing industries; international, geopolitical, regulatory, and foreign currency risks associated with global operations; and general economic, market, and industry conditions.
References in this press release to third-party organizations, including the International Olympic Committee, LA28, the International Cricket Council, USA Cricket, the NCAA, or any collegiate or cricket-related organizations, are provided solely for industry context. The Company has no affiliation with, and has not been engaged by, any such organizations, and any potential benefits to the Company from broader industry developments are uncertain and depend on factors outside the Company's control.
Industry data and information contained in this press release are based on third-party sources that the Company believes to be reliable but has not independently verified, and the Company makes no representation as to the accuracy or completeness of such information.
Forward-looking statements speak only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.