Growlife Inc(OTCMKTS:PHOT) is a stock we’re very familiar with here on Street Register, given our penchant for cannabis companies. It has been several weeks since we last discussed this one, but there has been a key recent development that we wanted to relay to readers.
Not only has the company secured key funds for continued expansion here in the United States, but recently began to work on its Canadian presence in preparation for its adult recreational market.
Growlife Inc(OTCMKTS:PHOT) announced that it closed an equity financing deal with longtime institutional investor Chicago Venture Partners (CVP), a leading provider of capital to emerging and growth-stage small cap companies, on February 9, 2018. The terms of the deal include CVP purchasing shares of common stock priced at $0.021 per share, 15% above the trailing five-day average at $0.021 per share. Additionally, as a part of the deal, the Company issued warrants to purchase stock to CVP that were priced at $.05 per share.
“This investment of capital provides GrowLife with greater opportunities in marketing, sales and product development during what we believe is the most important year in the history of our company and industry,” said Marco Hegyi, CEO of GrowLife, Inc. “It is extremely exciting to have a long-term investor such as CVP who truly understands the potential of the Company and our strategy and believes in it so much that they were willing to invest at a premium price. Our 2018 growth strategy is in full swing and this deal will propel our efforts forward in our mission to capture a large market share of the emerging indoor cannabis cultivation market.” (Source: Business Wire)
The company also announced that GrowLife HP Soil, the Company’s organic certified high-porosity peat mix, was tested and selected for exclusive use in three major indoor