Takeaways:
- The White House signed the 2018 Farm Bill legalizing hemp
- The company is experiencing increased demand for its commercial products
- The company provides products and services that can assist hemp cultivators who are scaling operations quickly
KIRKLAND, Wash., Dec. 21, 2018 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTCQB: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized plant cultivation product and service providers, today announced that it sees a large market opportunity for sales of its products by the passage of the 2018 Farm Bill that federally legalizes hemp production. The Farm Bill allows states to regulate hemp, as well as allow hemp researchers to apply for grants from the Agriculture Department and make hemp farmers eligible for crop insurance.
On December 20, President Trump signed the 2018 Farm Bill, which includes provisions to legalize hemp and remove it from the federal list of controlled substances.
“The signing of this bill into law presents an unprecedented market opportunity for our company,” said GrowLife CEO Marco Hegyi. “The reclassification of hemp will cause demand for raw hemp plant material as well as hemp goods to skyrocket, especially with interstate commerce now legal. Our customers are already increasing their demand for our commercial line of products, including our GrowLife soil and EZ-Clone propagation products, which can be used to scale hemp cultivation facilities quickly and efficiently.”
Hegyi added, “Hemp cultivation presents a new market segment for our company. We have had discussions with some of our larger cultivators who need over a half-million clones monthly in order to meet the demand of their customers. Hemp, unlike other cannabis plants, has a much shorter grow cycle and is less expensive to grow; however, larger quantities of plant material are needed to manufacture hemp into finished goods such as clothing, industrial products, and cannabidiol (CBD) wellness products.”
GrowLife recently announced the acquisition of EZ-Clone Enterprises, a leading manufacturer of award-winning products specifically designed for the commercial cloning and propagation stage of plant cultivation. Propagation is a common practice in commercial plant cultivation that enables growers to clone plants and fast-track their growth before moving the plants to larger growing areas. This allows farmers to grow their plants more efficiently and at a greater volume, which hemp producers across the country will be looking to do.
For more information about GrowLife, including the CEO’s most recent video statement, visit the company’s website. Products can be purchased at ShopGrowLife.com. in the US and GrowLifeHydro.ca/ in Canada.
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.
Public Relations Contact:
CMW Media
Cassandra Dowell, 858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
investors@growlifeinc.com
206-483-0059