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Saturday, July 2, 2022

What Happened to Growlife Inc (OTCBB:PHOT)

Growlife Inc (OTCBB:PHOT) has seen a surge in trading volume in recent weeks 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 operates in the red hot cannabis market responsible for many of the hottest stocks on the OTCBB. The sector continues to be red hot as legal marijuana sales are expected to grow to more than $20 billion by 2022, from approximately $10 billion in 2018, according to Marijuana Business Daily.

Growlife Inc (OTCBB:PHOT) 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.

Growlife sells a full line of products designed and manufactured by the company’s product development division, GrowLife Innovations. The Innovations division was created to provide solutions for production inefficiencies through the development of proprietary “industry-changing” products. Products can also be purchased at ShopGrowLife.com.

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.

Earlier this yeah PHOT said it has filed a provisional patent application with the United States Patent and Trademark Office (USPTO) on a highly efficient and scalable vertical cultivation system. The Automated Indoor Cannabis Growing Facility is designed to produce high quality, consistent and cost-effective cannabis. According to the Company test results from a Proof-of-Concept (POC) study in Colorado with a licensed customer on its proprietary vertical grow room system prove the system can house four times as many plants as compared to traditional grow rooms with the same square footage. The system, which operates in only 64 square feet, is currently being tested with 70 full-size plants utilizing cubic volume versus horizontal square footing, which would traditionally only allow for the growing of up to 15-17 plants. PHOT said that there is a 76% reduction in per-plant kilowatt usage with GrowLife cubical vertical grow system as compared to a traditional grow room.

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.

CEO Marco Hegyi said “Meeting the increased compliance and disclosure requirements of the OTCQB demonstrates GrowLife’s commitment to accountability and transparency, and provides our shareholders with even greater confidence in the information disclosed by the Company.”

Last month PHOT announced financial results for the quarter ending June 30, 2018, and provided an overview of recent operational highlights. The company experienced escalated growth over last year, reporting net revenue of $1,208,415 for 3 months ended June 30, 2018 up from of $521,358, a 131.7% increase over the same period last year.

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Currently trading at a $46 million market valuation PHOT has $135k in the treasury, significant debt and fast growing revenues reporting $1,208,415 in sales for 3 months ended June 30, 2018 up from of $521,358, for the same period last year. 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.

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