On Thursday, September 5, 2019, plant cultivation and hemp-cloning solutions provider, GrowLife supposedly secured a financial agreement of $2.5 million, which will be used towards adding CBD-rich hemp clones to their product listing. There is a clear reason for choosing this path and it stems from the lack of supply in hemp clones present in the market.
CEO and President of GrowLife, Marco Hegyi, shared that this recent product offering is an “opportunity to supply these farmers with the clones they need to start their plants through EZ-CLONE,” while highlighting the fact that it is an evident step to also satisfy high demand.
The goal appears to entail increased delivery of clones “to farmers on a nationwide scale in 2020,” and in order to fulfill this, the financing was clearly needed. That said, the SEC has the final say on the pending financing.
Speaking highly of the clones offered by GrowLife, he expounded that:
“These clones have high margins and create a significant revenue generation opportunity for us, on which we plan to capitalize as quickly as possible. We plan to make further announcements on progress on this new initiative in the coming weeks.”
With the funding, the company can supposedly achieve three vitals steps towards growth, and they include:
- Reducing current debt incurred
- Expanding its business operations, as EZ-CLONE has garnered a lot of attention and growth in a short period of time
- Executing hemp cloning so that plant cultivators across the nation have access to them