GrowLife (PHOT) has entered an exclusive distribution agreement with My Fungi Inc., a leading supplier of mushroom cultivation equipment in Canada. This partnership allows GrowLife to market and distribute mushroom cultivation products across the U.S., tapping into the rapidly growing mushroom industry, valued at $46.1 billion globally in 2020. The deal positions GrowLife to leverage its expertise in cultivation equipment to meet rising consumer demand, while ensuring stable supply chains through North American production, alleviating import challenges.
GrowLife (OTC: PHOT) announced impressive financial results for Q2 2021, reporting revenue of over $2.1 million—a 17% increase year-over-year. The company achieved a record operating profit of $204K and improved gross margins from 39% to 59%. Additionally, GrowLife bolstered its cash position to over $1.2 million, a rise of $700K compared to the previous year. CEO Marco Hegyi noted continued revenue growth despite the pandemic and expressed confidence in the cannabis sector's expansion.
GrowLife, Inc. (OTC: PHOT) reported annual financial results for 2020, generating $7.0 million in revenue. The company achieved a notable increase in gross margins, rising to 42% from 31% in 2019. It successfully reduced General & Administrative Expenses by $2.7 million, a 35% decrease from the previous year, reflecting effective cost management amidst the challenges posed by the COVID-19 pandemic. GrowLife's cash position improved significantly, increasing eight-fold compared to 2019, demonstrating robust financial health.