Growlife Inc (OTCBB:PHOT) has been making a strong move up since reversing off $0.0063 lows as pot stocks heat up across the board. PHOT has a long history of big moves running from half a penny to $0.0495 highs this time last year.
PHOT is exhibiting at the 2019 Lift & Co. Cannabis Business Expo in Vancouver, Canada. GrowLife is showcasing products, including the EZ-Clone Pro commercial propagation system produced by the Company’s recently acquired EZ-CLONE Enterprises, Inc, a renowned commercial cannabis cultivation equipment supplier, at Booth 937. Joe Barnes, President of the Commercial division of the company, will be on-site meeting with licensed producers and other show participants on how GrowLife products and services can help reduce production costs and increase quality. To schedule a meeting with him, please e-mail email@example.com
Growlife Inc aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. PHOT mission is to help make their customers successful. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics and soil, plant nutrients, and thousands more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.
The Company primarily sells through its wholly owned subsidiary, GrowLife Hydroponics, Inc. which operates a retail store in Calgary, Alberta at suite 113-2323 32nd Ave NE, Calgary, AB T2E 6Z3, Canada selling GrowLife’s line of industry-leading hydroponics and soil, along with thousands of other brands and products that cater to cultivators of all sizes.
PHOT has been making one big move after another in 2018; the Company announced the opening of its flagship Canadian retail location as described above, the launch of a state-of-the-art manufacturing facility in Dallas and the development of GrowLife Cube Pro, a one-stop-shop for at-home cultivators to meet demand in rapidly expanding new markets.
The manufacturing facility in Dallas is 250,000 square-foot and is a state-of-the-art facility that will be used to manufacture current Company products as well as develop new and innovative product offerings using the latest technologies and industry practices to meet the growing demands for non-toxic and environmentally safe building materials and the development of innovative new products for the indoor cultivation and cannabis industry.
In July Growlife announced the opening ots its 2nd retail location located at 1080 Brighton Ave, Portland, Maine. The company selected this location because of its proximity to big box retailers to improve accessibility to consumers. The store carries GrowLife’s line of industry-leading hydroponics and soil, along with thousands of other brands and products that cater to cultivators of all sizes. GrowLife Hydroponics also serves as the company’s largest fulfillment center for orders placed on its e-commerce platform, ShopGrowLife.com.
In August PHOT announced it has added a new hydroponics retail outlet in Los Angeles, California that will act as the company’s West Coast e-logistics fulfillment center. The market for cannabis in California will hit $3.7 billion in 2018 alone, and that’s expected to increase to over $5 billion by 2019, according to industry research firm BDS Analytics. As the second largest city in the United States, Los Angeles is well positioned to serve as a cannabis hub for the rapidly emerging cannabis market in California and the greater West coast.
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The store and fulfillment center, located at 15721 Ventura Blvd, Encino, CA 91436, has a long-standing hydroponics customer base as it was acquired through an asset purchase of intellectual property rights and lease transfer from GoGreen Hydroponics. The store has been in operation since 2009 and is ideally located right off the I-405 freeway, enabling the company to reach new retail customers in that emerging legal cannabis market.
Growlife also finally got their filings in order this year which was a huge step forward for the Company which had always been a pesky pink. In March the Company said its stock has commenced trading on the OTCQB Market after successfully up-listing from the OTC Pink Market.
In December PHOT announced that it sees a large market opportunity for sales of its products by the passage of the 2018 Farm Bill that federally legalizes hemp production. The Farm Bill allows states to regulate hemp, as well as allow hemp researchers to apply for grants from the Agriculture Department and make hemp farmers eligible for crop insurance.
PHOT CEO Marco Hegyi stated “The signing of this bill into law presents an unprecedented market opportunity for our company. The reclassification of hemp will cause demand for raw hemp plant material as well as hemp goods to skyrocket, especially with interstate commerce now legal. Our customers are already increasing their demand for our commercial line of products, including our GrowLife soil and EZ-Clone propagation products, which can be used to scale hemp cultivation facilities quickly and efficiently.”
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Currently trading at a $28 million market valuation PHOT has $397k in the treasury, significant debt and fast growing revenues reporting $2,871,300 in sales for 9 months ended September 30, 2018. PHOT is an exciting story in small caps; the Company operates in the booming cannabis sector, is now fully reporting having up-listed to the OTCBB and currently has 3 retail locations selling their line of industry-leading hydroponics. PHOT has made a number of big moves when the sector heated up in the past and its large shareholder base are hoping it can do it again this time around. We will be updating on PHOT when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PHOT.
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Disclosure: we hold no position in PHOT either long or short and we have not been compensated for this article.