Growlife Inc (OTCMKTS:PHOT) has been grinding lower over the past 10 months, which represents some clear underperformance relative to the cannabis space at large. However, the company recently announced financial results for the quarter ending Sept. 30, 2018, and provided an overview of recent operational highlights from that quarter.
According to the company’s release, PHOT experienced continued growth over last year, showing a 44.3% increase in revenue over Q3 2017. For the nine-month period ending Sept. 30, 2018, the company experienced revenue growth of 74% over the same period last year. That’s a reassuring set of numbers and could help to prop the action up in the name as trading kicks off this week.
Growlife Inc (OTCMKTS:PHOT) trumpets itself as a company that provides farming soil, hydroponics equipment, organic plant nutrients, and other products to specialty grow operations in the United States.
The next big cannabis story to hit North America is Phoenix Life Science International (PLSI), traded in the US, but with the largest global production based in the tropics and a license to distribute worldwide. Take a look at Phoenix Life Science International PLSI), Its currently trading under $18 dollars per share on the OTC markets. Learn More Now!
The company’s hydroponics equipment includes indoor lighting systems, growing mediums and accessories, tools for cutting and propagation, hydroponics systems, bulbs, ballasts, reflectors, meters and timers, and climate control equipment for the indoor plant cultivation and cannabis industries.
According to its materials, the company distributes and sells its products through its e-commerce distribution channels, such as ShopGrowLife.com, Greners.com, and GrowLifeEco.com, as well as retail storefronts.
In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($197K against $4.7M, respectively).
As noted above, PHOT recently announced financial results for the quarter ending Sept. 30, 2018, and provided an overview of recent operational highlights from that quarter. The company also noted that it filed a provisional patent application with the United States Patent and Trademark Office (USPTO) on a highly efficient and scalable vertical cultivation system.
According to its release, the Automated Indoor Cannabis Growing Facility is designed to produce high-quality, consistent and cost-effective cannabis. The company identified a need for commercial cultivators to continue to reduce their production costs while still producing large volumes of high-quality cannabis.
Even with that news, the action hasn’t really heated up in the stock, with shares moving net sideways over the past week.
“We are pleased to share some of the significant milestones met in the development and expansion of our commercial cultivation product offering as well as impressive revenue growth we achieved in the third quarter of this year,” said GrowLife CEO Marco Hegyi.
“During the third quarter, a historically slower quarter for our industry, we saw incredible results from our proof-of-concept study on our proprietary vertical grow room in development by our product development division. We look forward to further testing this system and bringing it to market in the coming months. Additionally, GrowLife’s seamless expansion into the Canadian marketplace saw further increases in sales and our new storefront and distribution centers in Portland, Maine and Los Angeles positioned us to more efficiently service the expanding legalized United States market through not only a retail presence but e-commerce fulfillment. Finally, we attended some of the most important and relevant industry events to network with industry leaders and speak on GrowLife’s products and services and further position us as a leader in commercial cannabis cultivation.”
Growlife Inc (OTCMKTS:PHOT) pulled in sales of $954K in its last reported quarterly financials, representing top line growth of 44.2%.
Pushing the barriers for global distribution, Phoenix Life Science International (PLSI) is the next cannabis play. Just think Canopy x 100, that is how big their plantation in the tropics will be. No lights, no green houses, just maximum growth + minimal cost = home run. Learn More Now!
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