GrowLife Releases Year to Date and Q3 Financials and Reports Year to Date Revenues of $2,939,026, up 278% versus Comparable Period 2012 Third Quarter Gross Revenue Rises to $1.3 million
WOODLAND HILLS, Calif., Nov. 14, 2013 /PRNewswire/ -- GrowLife, Inc. (OTCBB: PHOT), a diversified company operating in the legal cannabis industry which develops, markets and deploys products and services addressing the needs of legal cannabis growing and retail operations, including hydroponic growing equipment, is pleased to announce the timely filing of its Third Quarter, 2013, financial results for the quarter ending September 30, 2013. The full 10Q filing is available at www.GrowLifeInc.com or on the SEC's website http://edgar.sec.gov/.
Year-to-date 2013 revenue from sales increased to $2,939,026 from the $776,125 recorded in the comparable period in 2012. For the quarter ended September 30, 2013, revenue was $1,313,399, an increase of $837,529, or almost two times, the $475,870 in revenues recorded for the same period in 2012. (This growth in 2013 is primarily attributable to GrowLife's (1) strategic acquisitions, (2) product expansion, (3) business alliances, and (4) continually improving market conditions.
Highlights and Milestones from the beginning of the period to present include:
- GrowLife Opens 7th Retail Store in Santa Rosa, CA
- GrowLife Expands Cannabis Presence to Include GrowLife Infrastructure Funding & Technology program (GIFT)
- GrowLife Launches Cannabis.org
- GrowLife Provides Open Letter from Sterling Scott, CEO, GrowLife, Inc., Regarding the Department of Justice Position Change Regarding Marijuana
- GrowLife's Phototron Featured and Recommended in November Issue of High Times
All the above events can be read in their entirety by looking under the news feed for GrowLife (OTCBB: PHOT).
"Our Company has much to be excited about going into the last financial quarter of the year and 2014. At the same time that GrowLife is successfully integrating acquisitions and organic expansion into cohesive and complementary marketing and sales operations, we are becoming more effective as an enterprise entering related verticals of the cannabis industry that align with our core strengths and our conservative approach," stated GrowLife CEO, Sterling Scott. "Legal cannabis is a very powerful and profitable industry in the USA; GrowLife is a growing force at the center of the industry with intentions to be a major brand for the decades after the end of prohibition."
From time to time, GrowLife will provide market updates and news via its websites GrowLifeInc.com, Cannabis.org or the Company's Facebook page: https://www.facebook.com/tellthetruthfederalgovernment
For a GrowLife Investor Presentation visit: http://growlifeinc.com/wp-content/uploads/2013/05/PHOT-DECK-4_30_13.pdf
To view a Grassroots Research report on PHOT please visit the link below:
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) develops, markets and deploys products and services addressing the needs of legal cannabis growing and retail operations, including hydroponic growing equipment.. The Company provides these solutions in our nationwide retail network, as well as online sites Greners.com, Phototron.com and RockyMountainHydro.com. The Company also operates the political and social forum, Cannabis.org
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for GrowLife's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in GrowLife's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting GrowLife, Inc. please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. GrowLife, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Kyle Tracey, (800) 977-5255
Investor Relations Contact:
Kurt Divich (702) 396-1000
SOURCE GrowLife, Inc.