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Marijuana

Growlife Inc (OTCMKTS:PHOT) Unveils Fourth Quarter And Year-End Financial Results

Growlife Inc (OTCMKTS:PHOT) just made its latest announcement where it disclosed the financial results for 2017.Those were results for the fourth quarter and for the whole year and the other notable aspect was that it went further to give an overview of its most recent operational highlights.

An official working with the company while speaking to a number of news reporters said that Growlife Inc with the passage of time continued to showcase outstanding growth. That was evident on its Q2 2017 where it witnessed a revenue increase of about 99%.In its Q3 and Q4 it witnessed 231% and 131% respectively and that was a year ago in the same quarter. The other financial reports indicated increased margins and decreased operating losses.

Marco Hegyi, who happens to be the CEO of the company outlined that 2017 came out as a vital year in terms of the GrowLife, Inc’s growth. Several market observers commended the company over the strong top line performance adding that the solid fiscal strategy had worked wonders for a company that has been quite persistence on its quest to achieving tremendous success.

The company accomplished much in the previous year starting from the acquisition of new assets to the implementation of major expansions. The company was able to capture new markets and that eventually resulted in it witnessing tremendous growth.

The company saw it fit to strike partnerships, draw in top tier talent and above all attract new customers in both its consumer and commercial businesses.

Hegyi delved deeper into the matter to state that they were looking forward to succeed in their efforts of providing value to the various shareholders with having to tamper with the high-quality service they had guaranteed them through the fiscal management.

It is worth noting that the company was able to set up new divisions which it expected would move along way helping meet up to the needs of the expanding indoor plant cultivation market, including the micro-grown foods and cannabis. The company has been taking rather seriously the issue about the development of additional revenue streams and product innovation.

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Marijuana

Why Growlife Inc (OTCMKTS:PHOT) Is Making Buzz?

Growlife Inc (OTCMKTS:PHOT) reported that it has agreed to buy the remaining position in the assets of a building materials constructor as a part of the firm’s strategic product advancement subsidiary unit, GrowLife Innovations.

The buzz

Growlife reported in last October that it acquired 51% of assets from a building materials constructor that specializes in advancement of non-toxic and eco-friendly products, which goes well with company’s major business competencies. The company has now bought the remaining stake, making the firm the exclusive owner of FreeFit®, which comprises patents, trademarks and copyrights related with the technology. The deal was finalized via an addendum to the original deal.

Marco Hegyi, the CEO of Growlife, expressed that this strategic deal aligns with their objective of bringing healthy and sustainable best practices to indoor crop cultivation. As they move forward, the firm must be able to develop and innovate proprietary offerings that render the safe and most efficient yield for their consumers. This acquisition equips them with the talent, intellectual property privileges and manufacturing capabilities to make the best quality, eco-friendly and non-toxic products accessible to the market.

GrowLife advanced subsidiary unit GrowLife Innovations as the product advancement segment of the firm, led by VP of R&D Mr. David Reichwein. Reichwein has broad experience in direction of public firms, including roles where he has directed research and development, manufacturing operation and product development initiatives for international firms, with a focus on healthy building and sustainable material solutions.

This further deal will enable the firm to fully capitalize on the technology advanced by the manufacturer and expand these features into other products, enabling Growlife to better service the indoor cultivation segment with unique and innovative product offerings, all boosted by intellectual property rights. Reichwein, the VP of R&D for Growlife, reported that the company shares his commitment and passion to establishing a healthy, non-toxic indoor place.

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Marijuana

Growlife Inc (OTCMKTS:PHOT) Extends Yearly Decline

In the last trading session, the stock price of Growlife Inc (OTCMKTS:PHOT) declined more than  7% to close the day at $0.0155. The decline came at a share volume of 75.24 million compared to average share volume of 14.39 million.

The details

Cannabidiol is fast generating interest from the global investment community while turning a thrilling opportunity for venture and angel capital investments generating hopes that estimations are correct and that the CBD industry will surge 700% over the upcoming years. The Hemp Business Journal projected that the CBD market can hit $2.1 billion in customer sales by 2020 with sales of $450 million coming from CBD-hemp based sources.

That’s a jump of 700% from 2016. In 2015, the market for customer sales of hemp-derived Cannabidiol products stood at $90 million, and another $112 million in marijuana-based CBD items which were offered through dispensaries, bringing a total Cannabidiol market to $202 million in 2016r.

And as political barriers across North America continue to diminish and at the same time investment increases, the sector could witness a bigger leap in growth than projected. Active in the cannabis market include: Growlife, PotNetwork Holdings Inc (OTCMKTS:POTN), Namaste Technologies Inc (OTCMKTS:NXTTF), Cannabis Wheaton Income Corp (OTCMKTS:CBWTF), to name a few.

More recently PotNetwork Holding reported that its subsidiary unit, Diamond CBD, Inc., has posted its revenues for November. Surpassing 1.6 million, management moves into the final stretch of this year having advanced a consistent and strong trend for robust growth. With continual MoM advancement, Diamond premium quality CBD products have grown in popularity throughout this year and captured the attention of distinguished media sources and celebrities nationwide.

Unlike Growlife, the stock of PotNetwork Holdings surged more than 2% in the last trading session to close the day at $0.066. The stock has surged more than 2438% so far in this year.

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Business

Growlife Inc (OTCMKTS:PHOT) Gross Revenue In Q3 2017 Jumps 231%

Growlife Inc (OTCMKTS:PHOT) submitted its 10-Q for the quarter closing September 30, 2017 including operational and financial results. The company has recently concluded a newsworthy October with latest updates around its five pillar plan, shareholder meeting where as many as 88% of shares were casted and majority exhibited support of management and its plans, FINRA validated compliance of its market maker allowing the solicited trade of company shares, and the strategic asset deal of building materials, trademarks and patents that further allow the firm to innovate its offerings to lead market trends.

The highlights

Marco Hegyi, the CEO of Growlife, expressed that outcome is what matter and their team continues to excel in a unified way where it is firing on distinct cylinders with finance, operations and sales aligned. With the recent additions of top resources, talent and further regulatory nod, he anticipates company to continue to lead and benefit on the demand from the indoor grow industry. The shareholder’s latest votes demonstrate remarkable support in the firm’s future.

Net revenue for the quarter closed September 30, 2017 came at $661,000 versus $200,000 for the quarter closed September 30, 2016. The jump came from increased channels of distribution and sales personnel. Growlife reported that cost of sales for the quarter closed September 30, 2017 came at $476,000 versus $179,000 for the quarter closed September 30, 2016. The jump can be attributed to increased sales, offset by reduced cost of sales related to increased supplier discounts and favorable product mix.

Gross profit came at $185,000 for Q3 2017 as against a gross profit of $21,000 for the quarter closed September 30, 2016. In addition, the gross profit percentage came at 27.9% for the quarter closed September 30, 2017 versus 10.3% for the same period, a year ago. The gross profit jump was due to increased sales, offset by reduced cost of sales linked to increased supplier discounts and favorable product mix.

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Marijuana

Growlife Inc (OTCMKTS:PHOT) Discusses Multi-Pronged Strategy And Vision For Business Expansion In 2018

Growlife Inc (OTCMKTS:PHOT) reported that at its Annual Meeting of Stockholders held in the last month, 88.2% of shares were casted, and all items presented by management were approved by a majority vote. In addition, the company discussed the plan for next year including continued expansion initiatives through its five pillar business plan.

The details

Marco Hegyi, the CEO of Growlife, expressed that they are extremely delighted with the remarkable support and participation of their shareholder base on management’s recommendations.

To support the firm’s vision of lowering production costs while enhancing shareholder value, they created their internationally recognized five pillar business plan. Growlife’s grow platform marks as a centralized supply chain that provides the firm increased purchasing power, offering its customers with significant competitive benefits such as being able to plan pre-scheduled deliveries and have foreseeable costs.

Growlife’s service-friendly and unique platform enables clients to focus on their grow operations and lower risks related with equipment and supplies. After the stockholder meeting, the firm gave a presentation on its multi-faceted approach and long-term vision to capture the fast-growing indoor grow services segment.

Growlife’s innovative value proposition is boosted by the firm’s five pillar business plan that is organized by e-commerce, e-Logistics, licensing, subscription, hydroponics and innovations. In early October, the company reported implementation of this business plan and achieved its initial key milestone through a strategic asset deal of proprietary technologies for the indoor grow industry, further leading the firm’s expansion initiatives. The Growlife 2017 Shareholder Review presentation can be seen on the firm’s homepage at www.GrowLifeInc.com.

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Marijuana

Growlife Inc (OTCMKTS:PHOT) Launches Office In Calgary

Growlife Inc (OTCMKTS:PHOT) reported the establishment of its Canadian office in Calgary, to provide its services and products across the entire nation. Marco Hegyi, the CEO and Chairman, reported that at the Lift Cannabis Expo 2017 in Toronto, the company reported the registration of Growlife Hydroponics in nation, whereby company’s distribution subsidiary unit, Growlife will offer committed resources to serve the buzzing Canadian market.

The CEO said that they have been monitoring the advanced government policies in Canada that are backed by its executive administration and allied with the Canadian market’s requirement. As a result, the company has chosen to invest in its expansion across Canada.

The details

Growlife reported that the Canadian team will be led by David Auger, who is assigned the role of senior officer with Growlife Hydroponics in Canada. He will report to Joseph Barnes, the SVP of Business Development of Growlife. Hegyi expressed that he met with numerous Canadian parties from the indoor grow industry in the preceding week and was impressed by the way they are allied with the Canadian municipal and national policies and laws.

The need and demand for a reliable supply chain associate for both consumer (B2C) and business (B2B) over the imminent few years offers remarkable opportunity for company. Growlife’s advisory board offers highly-qualified external perspective and invaluable expertise to help company get the unique advantages and benefits required to support their vision.

As of now, the board has four members, Mr. William Andreozzi, Mr. William Blackburn, Mr. Corey Buffkin and Mr. Chris Herghelegiu. Growlife CEO added that he has known and revered these members since ling and apprise unambiguously that they have no concern pushing back on him when they disapprove. While the Board have compliance and governance responsibilities, the Advisory Board offers deep indoor grow industry experience in equipment, technologies, marketing and operations to company.

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