Kyle Tracey, President of GrowLife Inc., goes on to say, "with the passing of new laws in Colorado and Washington, we will see even more people hanging lights in a third bedroom or attic for personal grows. What many people don't understand is that some growers have 200 lights hanging in a 15,000 square ft. warehouse, with plenty of room to expand, and these are the people that help bring cannabis to the mainstream, attract meaningful comparisons to large scale tobacco production, and play a big role in the growth and success of companies like GrowLife Inc. and all others in our sector. These new laws open up some interesting opportunities for GrowLife as well, and we are constantly taking aim at ways to expand our business within this exciting and emerging new market."
The medical marijuana industry could grow to $8.9 billion over the next five years, while Washington State's Office of Financial Management estimated that in-state retail sales could reach $1 billion, according to See Change Strategy LLC, a research firm out of Olney, MD. Also noted in the article is that GrowLife's bottom line has already benefited by moving from a $4.4 million loss on revenues of $499,000 in 2011 to a profit of $28,699 on revenues of $476,000 during the third quarter of 2012 alone. These revenue numbers reflect an increase of 120% during the 3 rd quarter of 2012, while management projects that the company will be cash flow positive in early 2013.
GrowLife offers a wide array of products designed to serve this growing market, which are available on their website ( www.growlife.com) or at their online superstore www.greners.com, which is proud to offer the lowest possible online prices. The most basic package for hobbyists starts at $479 and offers an automated single plant growing cabinet, while commercial growers are spending hundreds of thousands of dollars to custom fit their state of the art warehouse applications.
Cautionary Language Concerning Forward-Looking StatementsInformation set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in GrowLife's filings with the Securities and Exchange Commission. In addition, all industry products are subject to additional uncertainty, including the risks of delay, cancellation and poor critical or financial reception. GrowLife disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.