The letter from the company's CEO Pen to investors explains the new direction of the mushroom industry
· CEO explained the new direction as a pickaxe and shovel supplier in the emerging mushroom growing industry
· Executives emphasized the value proposition of their new exclusive partnership with My Fungi
· The main points of the agenda of the upcoming general meeting of shareholders will promote the development of the company, and it is appropriate to seek support
Kirkland, Washington, October 29, 2021 (Global News Service)-Through NewMediaWire-GrowLife, Inc. (OTC: PHOTO) ("GrowLife" or "Company"), the most recognized indoor facility in the United States One of the cultivated products, the service provider, today released a letter from the company's CEO Marco Hegyi to shareholders.
Today, I am writing to you with great excitement and enthusiasm, because I want to emphasize this news in this letter. As we just announced, GrowLife has officially signed an exclusive distribution agreement with My Fungi Inc., a leading supplier of mushroom products and cultivation supplies in Canada, dedicated to serving the emerging mushroom industry. Our exclusive agreement makes us the sole supplier of these unique products in the United States. This is a milestone for GrowLife as we expand our focus from providing services to growers in the cannabis industry to a new direction to become a leader in supporting mushroom cultivation.
Providing the equipment needed to support the cultivation of indoor plants is the origin of GrowLife. This is what we have done for the cannabis industry since 2012, and as the industry has grown, GrowLife has expanded. Through our 51% acquisition of EZ Clone, we have further expanded our product portfolio to include proprietary equipment designed to help growers solve one of the most important parts of the planting process-genetics. As hemp continues to be legalized in states across the country, we have been there to support growers to build their facilities, provide first-class products and support. In other words, although cannabis is further commoditized, GrowLife must focus on future opportunities.
In the past few years, the demand for mushrooms has soared across the board, from nutraceuticals and plant-based health products, to specialty mushrooms for food, to medicinal psychedelic mushrooms, such as psilocybin. The global market size of mushrooms used in food and health products in 2020 is 46.1 billion U.S. dollars, of which the United States is the second largest mushroom consumer market. The U.S. government continues to increase import tariffs on mushrooms grown abroad, so the amount of mushroom cultivation in the United States continues to increase. Although mushroom cultivation is very different from cannabis, it is similar in that it requires a unique, hard-to-find supply and is supported by people with a deep knowledge base. For example, most (if not all) indoor mushroom cultivation starts with sterile blocks used to grow spores. These blocks are difficult to find or produce, especially on an industrial scale. The strong supply chain of these blocks is only part of our exclusive agreement with My Fungi, making us one of the only suppliers in the United States that can continue to supply sterile substrates.
My Fungi was founded by Mr. Dave Auger, the former general manager of GrowLife Canada and a friend of the company. My Fungi is obtaining permission from the Canadian government to conduct research and produce mushrooms containing psilocybin and psilocin. These compounds found in certain mushrooms show great therapeutic potential in the field of mental health. In this regard, a large number of studies are being conducted across the United States, including the work done by Johns Hopkins University in the fields of post-traumatic stress disorder, anti-depression and addiction treatment. New research and experiments continue to emerge, creating another demand for high-quality mushroom cultivation, which is another area we plan to serve.
Although it may be uncomfortable to announce this new direction for the company, I must reiterate that it is very consistent with GrowLife's core competitiveness and existing sales and distribution channels. Most mushroom growing equipment is sold through hydroponic stores and online retailers, and GrowLife has worked with these two companies for more than a decade. As a pickaxe and shovel supplier in this emerging industry, it is both a strategic and complementary approach for our company.
Along with all the excitement and opportunities in this new direction, the work required to realize the aforementioned vision will follow. The first step of our strategic plan is to convene a general meeting of shareholders. At this meeting, we plan to propose several projects and seek approval, including actions that will enable us to obtain the fundraising tools needed to seek such expansion. I also wrote an article about the meeting, and I encourage shareholders to read it. It can be found here: https://medium.com/@hegyi/c01532992412. We are seeking the support of nearly 100,000 shareholders, and I hope they can share my excitement in this new direction and support our agenda. As I said, voting for progress, I believe this is more true than ever, and the best way to release ultimate shareholder value.
As we look forward to the future, I sincerely thank those who have accompanied us all the way. Although 2020 is difficult for many companies and has created many unknowns, GrowLife continues to operate and expand where possible. We reported operating profitability for the first time in the company's history, even with the headwinds of the pandemic and other obstacles. Although some of the things we are striving for may not be realized, one thing is correct-GrowLife is a trusted partner for plant growers in emerging markets, and has the opportunity to become the foundation of these businesses, starting with their global expansion . This is still true in cannabis—and it seems to be true in this exciting new field of mushroom cultivation.
We want our current and potential shareholders to join our vision-as we move forward at full speed.
Encourage shareholders to view the new My Fungi product line at shopgrowlife.com
GrowLife, Inc. (PHOT) aims to become the largest organic and plant-based drug cultivation service provider in the United States. Our mission is to help our customers succeed. Through a representative network covering the United States, GrowLife provides basic goods and services to professional growers. GrowLife is headquartered in Kirkland, Washington and was established in 2012.
My Fungi is a science-oriented mushroom company located in Alberta, Canada. My Fungi has been developing new and exciting mushroom-based products and services as they are waiting for psychedelic research permits in their growing facilities near Calgary. Team My Fungi has a diverse scientific and nutritious food background, and has extensive experience in Good Manufacturing Practices (GMP) and material supply chains. My Fungi produces and sells fresh, dried, enhanced and ready-to-use mushroom products in North America.
This press release contains statements that constitute forward-looking statements within the meaning of the revised section 27A of the Securities Act of 1933 and the revised section 21E of the Securities Exchange Act of 1934. These statements appear in multiple places in this press release, including all statements of historical facts that are not about the intentions, beliefs, or current expectations of GrowLife, Inc., its directors or officers, including: (i) financing plans; (ii) Trends affecting its financial status or business performance; (iii) Growth strategy and business strategy. The words may, will, will, expect, estimate, can, believe, potential and similar expressions and their variants are intended to identify forward-looking statements. Investors please note that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the control of GrowLife, Inc., and actual results may differ from the forecasts in the forward-looking statements Significant differences-appearance statements due to various factors.
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