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GrowLife Inc. (OTCQB: PHOT) is a prominent provider of advanced horticulture equipment and supplies, particularly in the mushroom industry. Headquartered in Portland, Oregon, the company operates through various channels including retail, e-commerce, direct sales, and distribution. Established in 2012, GrowLife acquired Bridgetown Mushrooms in January 2023, refocusing its efforts on the burgeoning mushroom market.
Bridgetown Mushrooms functions under three distinct divisions: Mycology Supplies, Fresh Gourmet Mushrooms, and Functional Mushroom Products. Each division contributes to the company’s impressive growth trajectory and revenue generation. The Mycology Supplies division is currently expanding nationally through an exclusive partnership with GrowGeneration, which distributes proprietary substrates to 62 stores across the U.S. This collaboration is expected to significantly boost revenue and broaden GrowLife’s market footprint.
The Fresh Gourmet Mushrooms division is set for regional expansion along the West Coast, thanks to a new partnership with the largest organic produce distributor in the Pacific Northwest. Starting in September, Bridgetown’s fresh mushrooms will be available to consumers seeking high-quality, specialty mushrooms for culinary use.
Meanwhile, the Functional Mushroom Products division has launched a series of innovative products, including Bill Walton’s WonderBar, the first dark chocolate bar infused with organic lion’s mane mushrooms. The company plans to expand this product line to national grocery accounts, integrating them with its fresh gourmet mushrooms.
GrowLife's financial outlook is promising, with Q2 2023 revenue expected to reach $143,000, rising from $79,000 in Q1. The company projects Q3 revenue to be around $400,000 and anticipates ending 2023 with a $3M annual run rate. Notably, GrowLife aims to achieve EBITDA positivity by December 2023, underscoring its commitment to sustainable profitability.
On the corporate front, GrowLife intends to rebrand itself as Bridgetown, adopting a new stock symbol that better reflects its focus on the mushroom industry. This strategic move aims to shed historical baggage and position the company as “America’s Mushroom Company.” The newly assembled Board of Directors will guide this transformation, bringing expertise essential for overseeing the anticipated growth.
To stay updated with the latest from GrowLife, Inc., visit growlifeinc.com and for more on Bridgetown Mushrooms, visit bridgetown-mushrooms.com.
GrowLife, Inc. (OTCQB: PHOT) has entered the Mycology business, launching a suite of products for commercial mushroom farmers. The company reports strong demand following its product introduction in early March, with expectations of a positive impact on financial results. CEO Dave Dohrmann highlighted the successful launch of proprietary substrate and nutrient mixes, while Trevor Huebert, CEO of Bridgetown Mushrooms, noted high customer satisfaction and volume. The company, which acquired Bridgetown in January 2023, is positioned as a significant player in the mushroom industry, aiming for nationwide distribution and growth.
GrowLife, Inc. (PHOT) announced the addition of Basketball Hall of Famer Bill Walton to the Bridgetown Mushrooms team at the 35th Annual Roth Conference. Walton will actively participate in product development and marketing for the company, which specializes in gourmet and functional mushrooms. CEO Dave Dohrmann expressed enthusiasm about Walton's alignment with the company’s vision for brand expansion. Walton highlighted the company’s commitment to high production standards and its goal of becoming a national brand. GrowLife acquired Bridgetown Mushrooms in January 2023, marking a significant step in its strategy to dominate the mushroom industry.
GrowLife has completed the acquisition of Bridgetown Mushrooms, marking a significant move into the growing specialty mushroom market. This strategic acquisition, announced on January 6, 2023, aims to capitalize on the increasing demand for gourmet and functional mushrooms. GrowLife has invested time and resources in Bridgetown over the past year in preparation for aggressive expansion in 2023. A conference call to discuss growth plans is scheduled for January 19, 2023, at 4:30 PM EST.
GrowLife announced that Dave Dohrmann will replace Marco Hegyi as CEO and board director effective July 1, 2022. Dohrmann, who has been the company president since December 2021, aims to enhance growth by expanding into the mushroom market. He plans to leverage his extensive experience in venture capital to boost shareholder value. Hegyi expressed confidence in Dohrmann's leadership after nearly nine years in his role. GrowLife focuses on plant cultivation equipment and is seeking to capitalize on emerging natural wellness markets.
GrowLife, Inc. (OTC: PHOT) announced the appointment of David Dohrmann as President, bringing extensive venture capital and public company experience. CEO Marco Hegyi emphasized Dohrmann's potential to drive corporate growth and capitalize on new market opportunities, especially in mushroom cultivation. Following a successful shareholder meeting, Marco Hegyi will serve as interim CFO after Michal Fasci's resignation. This leadership transition marks GrowLife's strategic entry into the mushroom industry, enhancing its mission to become a leader in organic and plant-based cultivation services in the U.S.
GrowLife (PHOT) outlines a new strategic direction in a letter from CEO Marco Hegyi, shifting focus to become a supplier in the mushroom cultivation sector. The company has entered an exclusive agreement with My Fungi Inc, positioning it as a key distributor of mushroom cultivation supplies in the U.S. This move capitalizes on a booming mushroom market, valued at $46.1 billion in 2020. Hegyi emphasizes the alignment of this strategy with GrowLife’s core competencies, aiming for shareholder support to facilitate its growth initiatives.
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