KIRKLAND, Wash.--(BUSINESS WIRE)--GrowLife, Inc. (PHOT), one of the nation’s most recognized indoor cultivation service providers, today announced that it has secured additional funding from private investment firm Chicago Venture Partners (“CVP”), a leading provider of capital to emerging and growth-stage small cap companies. The funding agreement closed August 11, 2017. GrowLife, Inc. sought additional funding as a part of its 2017/2018 expansion plan, which includes bolstering the Company’s five pillar business strategy to capture the rapidly growing organics, greens, and plant-based medicine industries.
GrowLife, Inc.’s five pillar strategy is comprised of GrowLife Hydroponics, a distribution business unit built around the Company’s direct sales force; GrowLife Products, a division featuring GrowLife-branded supplies, financial services, packaging, and supplies to support indoor growing operations; GrowLife Eco e-Logistics, an online marketing and distribution channel; GrowLife Licensing, a retail licensing arm that has already established GrowLife Retail License retailers in Canada and the United States; and GrowLife Cube Subscription, a consumer-targeted indoor “grow it yourself” subscription package.
This most recent financing agreement will allow GrowLife, Inc. to deploy the resources needed to pursue its multi-faceted growth strategy. The Company’s growth strategy includes the establishment of multiple subsidiary entities, hiring of new executive and sales talent positions, pursuing asset purchases, and rolling out new and innovative product offerings.
“Our most recent financing agreement enables us to continue our robust expansion and differentiation plans and achieve our mission of helping customers be successful,” said Marco Hegyi, CEO of GrowLife, Inc. “Our focus on bringing operational efficiencies to this market, and lowering production costs for our customers while utilizing environmentally sustainable practices will further position us as a leader in the space.”
For more information about GrowLife and GrowLifeEco.com, please visit the company website. Additional commentary on the Company as well as the industry is also provided on the CEO’s blog. Specific financials and corporate actions on GrowLife (PHOT), can be found in the filings at the SEC website.
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 representative covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics equipment, plant nutrients, and thousands more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.