Growlife Stock Price, News & Analysis

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.