GrowLife’s Bridgetown Mushrooms Formally Enters the Mycology Supply Business

Rhea-AI Summary

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.

Positive

• Strong market demand for Mycology products.
• Successful launch of proprietary substrate and nutrient mixes.
• Expected positive impact on financial results.

Negative

• None.

Demand for Product in the Market is Accelerating and Has Already Enhanced the Financial Outlook of the Company

PORTLAND, OR, March 29, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- GrowLife, Inc. (the “Company,”) (OTCQB: PHOT), the owner of Bridgetown Mushrooms, a leading producer and supplier of fresh gourmet and functional mushrooms, is pleased to announce that it has formally entered the fast-growing Mycology business with a complete suite of products tailored to meet the demands of commercial mushroom farmers across the country.

Dave Dohrmann, Chairman and CEO of GrowLife, commented, “This past February, Bridgetown answered years of requests from commercial farmers and soft launched our long-coveted proprietary substrate and soil mix, along with a complete suite of Mycology supplies. We began delivering product to Portland-area commercial farmers in early March. Now, we’re ready to scale and meet the tremendous demand for our suite of Mycology products across the country. As a result of coming out of the gate this strong, we expect our Mycology division to have a positive material impact on our financial results going forward.”

Trevor Huebert, CEO of Bridgetown, added, “The initial response to our offering has been exactly what we hoped it would be; high volume fueled by happy customers. We have spent nearly a decade formulating substrate and nutrient recipes and we are confident we know what growers want. We are incredibly grateful to finally be able to offer this line of products to the public. We look forward to keeping you updated as we welcome new partners and distributors in the weeks and months to come.”

About GrowLife, Inc. (OTCQB: PHOT)

Founded in 2012, GrowLife, Inc. is a holding company focused on investing and operating businesses within the burgeoning mushroom industry. The Company acquired Bridgetown Mushrooms in January 2023 and today serves as its parent company. Its website is www.growlifeinc.com.

About Bridgetown Mushrooms

Founded in 2018 in Portland, Oregon, and now owned by GrowLife, Bridgetown Mushrooms is currently one of the largest at-scale producers of gourmet mushrooms, functional mushroom products, and Mycology supplies in the Pacific Northwest. Bridgetown’s products are distributed through multiple commercial and consumer sales channels. The Company announced a partnership with NBA Legend and Hall of Famer Bill Walton and has begun scaling their products nationwide.

For more information, please visit: https://bridgetown-mushrooms.com or on Instagram @BTSHROOMS

Forward-Looking Statements:

This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.

Investor Contacts:
investors@growlifeinc.com

FAQ

What are the recent developments for GrowLife, Inc. (PHOT) regarding Mycology?

GrowLife has launched a suite of products for commercial mushroom farmers and expects strong financial impact due to high market demand.

When did GrowLife start delivering Mycology products?

GrowLife began delivering Mycology products to Portland-area commercial farmers in early March 2023.

What is the significance of the partnership with Bridgetown Mushrooms for GrowLife?

The acquisition of Bridgetown Mushrooms positions GrowLife as a major player in the mushroom industry, enhancing its product offerings and market reach.

How does GrowLife (PHOT) plan to scale its Mycology business?

GrowLife plans to scale its Mycology business by meeting the significant demand for its products across the country.