KIRKLAND, Wash., June 25, 2020 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTC: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, today released the following letter from the Company’s Chief Executive Officer, Marco Hegyi.
I would like to take this opportunity to discuss some pertinent updates on what we are seeing in the market as well as our perception of the rapidly expanding demand for consumer CBD products. As we previously announced, GrowLife has been fully operational throughout the COVID-19 pandemic in order to serve our customers across the country with our leading line of hemp clones and commercial cloning products. The spring season is a very important time for hemp farmers and with cloning becoming more of the standard in CBD-rich hemp cultivation, it was imperative that we meet the demand for our products without delay. I am happy to report that our operations have continued to support the expanding demand for our products.
I am also pleased to share that demand for both cannabis and CBD products remains extremely high. While a delay in FDA approval for CBD and other cannabinoid-based consumer packaged goods has stalled further mainstream adoption, the demand for CBD products as ‘dietary supplements’ is higher than ever. On the legal Cannabis industry side, which was recently deemed an essential business, demand is still strong and the price per pound has stabilized if not increased, as in Colorado where it is over $1,000. As a result, demand for EZ-CLONE systems across the country remains higher than ever, especially this quarter. We are so excited by these trends and without getting into the specifics, I can share that I remain greatly confident in GrowLife and the EZ-CLONE business, especially in the areas of sales and operations.
On a more technical note, I wanted to address the on-going fluctuations and pressure we are experiencing in the market. As most people know, the market continues to see unprecedented swings and volatility. These market conditions, paired with some unexpected selling, has caused us to see a slide in the valuation of the company. While this is disappointing, the fundamentals of the company remain strong. We believe the market is undervaluing the Company based on its sales performance and we are well positioned to continue to capitalize on the expanding CBD-rich hemp market through our cloning equipment and proprietary hemp clone businesses. In spite of the COVID-19 situation, we have taken the necessary precautions as an essential business serving the demand of the industry, and continue to operate in a healthy manner with all our employees making solid contributions. I am prouder than ever in our team, suppliers and customers. I look forward to sharing the results of these efforts in our upcoming Q2 filings, which we expect to be filed on-time pending any further delays due to the pandemic.
We will continue to update you all as much as possible in the coming days and weeks. We appreciate our long-term shareholders, employees, and customers for their continued belief in our company. We hope everyone stays healthy and safe, and most importantly, positive through these historic times.
Chief Executive Officer
About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our 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 of more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.
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FORWARD LOOKING STATEMENT:
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of GrowLife, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words may, would, will, expect, estimate, can, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond GrowLife, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors.