This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GrowLife Inc. Signs LOI To Expand Presence In Fast-Growing Colorado Medical Marijuana Businesses: Agreement Initiates GrowLife's Entry In Licensing And Branding

Stocks in this article: PHOT

WOODLAND HILLS, Calif., Feb. 19, 2013 /PRNewswire/ -- GrowLife, Inc. (OTCQB: PHOT), a provider of highly effective indoor growing technologies, is pleased to announce that it has entered into a strategic licensing letter of intent with GrowLife Consulting Colorado, LLC ("GLCC"). Under the agreement, GLCC is authorized to use the name "GrowLife" in Colorado, as well as certain intellectual property and technology rights in exchange for licensing fees. GrowLife's agreement with GLCC provides GrowLife with an option to acquire ownership in GLCC. The LOI between GrowLife and GLCC is scheduled to close on March 8, 2013. 

GLCC is chartered in compliance with Colorado's trailblazing marijuana laws and regulations to provide management services and equipment to marijuana dispensaries and marijuana production operations in Colorado's burgeoning marijuana industry.

According to GrowLife CEO Sterling C. Scott, "The GrowLife Consulting Division positions our fully reporting public company to more aggressively participate in the most profitable parts of the medical marijuana space and provides an opportunity to leverage our brand equity in this quickly expanding industry. The business model of our GrowLife Consulting division should provide GrowLife with relatively high margin licensing revenue and equipment sales opportunities. It also increases our engagement in value added products in the marijuana space. We are very pleased to be proceeding forward with GLCC in Colorado and are open to expanding on this seminal approach in cooperation with GLCC in the other 17 states where medical marijuana has been legalized. This agreement is not only a potential value-add to our increasingly diverse revenue lines, but a testament to our opportunistic approach and pursuit of market share."

GrowLife expects that the GLCC business model will allow it to participate much more broadly in what the San Diego-based MMJ Biz Daily has described as a $40+ billion dollar U.S. opportunity. Bruce Perlowin, industry advocate and CEO of HEMP, Inc. (OTC: HEMP), another publicly traded industrial hemp-focused company, described the company's move as "brilliant positioning." Perlowin explained, "As soon as the federal government completes the inevitable process of formally recognizing medical uses of marijuana, GrowLife will already be well positioned to capitalize on the enormous opportunity."

About GrowLife, Inc.

GrowLife, Inc. ( PHOT) (formerly Phototron Holding, Inc.) ( www.growlifeinc.com) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Stealth Grow, a producer of grow room automation equipment and hi-powered LED grow light products for indoor horticulture ( www.sgsensors.com and  www.stealthgrow.com), Greners.com, the online hydroponics superstore ( www.greners.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment ( www.phototron.com). GrowLife is also the US distributor for the Urban Cultivator brand—the greens machine ( www.urbancultivator.net).

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this press release contains forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. Examples of forward looking statements contained in this press release include statements relating to potential research results and plans relating to acquisitions, investments or collaborations. 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,205.68 +231.37 1.36%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,568.1980 +18.9720 0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs