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Leading Cultivation
Equipment Supplier to Enter Burgeoning Mushroom Industry as a Leading Picks-and-Shovel
Player
KIRKLAND, Wash. – 
Inc. (OTCQB: PHOT) (“GrowLife” or the “Company”), one of
the nation’s most recognized indoor cultivation product and service providers,
today announced that it has entered into an exclusive distribution agreement
with the leading mushroom cultivation equipment supplier in Canada, My Fungi Inc.,
whereas the Company will have the exclusive right to market and distribute its
proprietary line of mushroom cultivation equipment throughout the United
States. This marks the Company’s entrance into the expanding mushroom industry,
servicing both B2B and B2C customers, by supplying hard-to-find essential
equipment for mushroom cultivation.
Mushroom cultivation has seen a
significant spike in growth in recent years, with consumer demand for specialty
mushrooms for food, wellness, nutraceutical, and medical purposes exploding.
Mushroom cultivation is extremely specialized and requires specialized
equipment to produce at large-scale. As a leader in cultivation equipment for
the cannabis industry, GrowLife’s progression into offering these products
through its robust network of hydroponic and ecommerce sellers is natural and
aligns with the core competencies of the Company. By offering items such as
liquid culture, blended and sterile substrates, and all in one kits, GrowLife
is now positioned to address the demand for these products throughout the US,
through a consistent supply chain created through the agreement with My Fungi.
“Moving into the mushroom
cultivation equipment space is a natural progression for GrowLife and working
with My Fungi is the perfect illustration of how we are leveraging our long
history of cultivation expertise to bring innovative and high-demand products
to emerging markets,” said Marco Hegyi, CEO of GrowLife. “The founder of My
Fungi, Mr. Dave Auger, is a previous leader of our Canadian operations, and a
long-time friend of GrowLife. Dave has built a strong supply chain for
difficult to obtain equipment such as sterilized substrates which are required
for cultivating food and medicinal grade mushrooms. Having one of the strongest
and only supply chains of these products is a major differentiator for GrowLife
and creates a completely new opportunity for growth for our Company.”
“I am excited to be working with
GrowLife again,” stated Dave Auger, Founder of My Fungi . “Teaming up will
allow My Fungi to expand into the rapidly developing mushroom cultivation
markets of the United States. Sterilization is a significant pain point of
mushroom cultivators, working with GrowLife will ensure that anyone interested
in cultivating mushrooms will have access to the products and support needed to
get growing.”
Beyond the emerging science
around the medicinal benefits of mushrooms, mushrooms for use in food and
wellness products represents a global market size of $46.1 billion in 2020,
with the US being the second largest mushroom consumption market. While consumer
demand for quality mushrooms rises, the supply of necessary growing equipment
is becoming more constrained, fueled further by logistical issues impacting
imports at US Ports. The products that GrowLife will sell through this
distribution agreement are produced in North America, alleviating port issues,
and stabilizing the supply chain to meet this demand.
About
GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to
become the nation’s largest cultivation service provider for cultivating
organics and plant-based medicines. Our mission is to help make our customers
successful. Through a network of representatives covering the United States,
GrowLife provides essential goods and services to specialty grow retailers.
GrowLife is headquartered in Kirkland, Washington and was founded in 2012.
About
My Fungi
My Fungi is a science driven
mushroom company located in Alberta Canada. My Fungi has been developing new
and exciting mushroom based products and services as they await psychedelic
research licensing in their cultivation facility near Calgary. Team My Fungi
has a diverse scientific and nutraceutical background, experienced in Good
Manufacturing Practices (GMP) and material supply chains. My Fungi produces and
sells Fresh, Dried, Enhanced & Ready to Grow Mushroom products across North
America.
Investor
Relations Contact:
investors@growlifeinc.com
206-483-0059
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.
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