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Growlife Inc (OTCMKTS:PHOT) Makes New Addition To Consumer Leadership; Reports Around 100% Year-Over- Year Growth In Fourth Quarter

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Growlife Inc (OTCMKTS:PHOT) recently announced that Lauren Schmitt has been promoted to the post of Vice President of the Consumer Division of the company and will be a part of the management of the e-commerce sales platform of the company in both Canada and the United States. The most recognized indoor cultivation product and service Provider Company of America announced major gains through its financial results for the fourth quarter ending on December 31, 2017. Recently, it also declared the company’s first-quarter financial reports for the current year.

PHOT Reports Highlight Revenue Increase in 2017

The fiscal fourth-quarter report also highlights the recent operational accomplishments of PHOT. As per the report, the Kirkland, Washington-based company showed a strong growth all through the last year with the quarter two financial results showing an increase in the year over year revenue by 99%, the third quarter increase by 231% and the fourth quarter year over year revenue increase by 131% as compared to the results of the same quarters in 2016.

Overall it was a profitable year for PHOT as the financial report also indicates that the company has managed to cut down the operating losses, register increase in the margins and overall improvement in the balance sheet. The report also says that the overall payables have also reduced by almost half. And the win-win situation has continued even in 2018 with the first-quarter financial report of this year revealing that the year over year increase in revenue for the first quarter was 52%.

The CEO of GrowLife, Marco Hegyi said, “We are proud to announce our major revenue increase and debt pay down as the Company continues to build momentum and provide increased value to our shareholders.”

PHOT Confident of Expanding In Lauren’s Leadership

Hegyi said that after working with Lauren for more than five years now the company has become extremely confident of her leadership qualities and that she will be a great addition to the management team. The CEO of the company said that Lauren’s addition will help facilitate the further expansion of the company’s direct to consumer sales channel.

According to Hegyi, the company expects to rapidly expand its existence in the indoor cultivation market under the leadership of Laurel as she completely understands the PHOT products and the industry as well as possess the required skill to extract maximum efficiency from the team.

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