|By PR Newswire||
|March 17, 2014 08:15 AM EDT||
WOODLAND HILLS, Calif., March 17, 2014 /PRNewswire/ -- GrowLife, Inc. (OTCBB: PHOT), a diversified company operating in the legal cannabis industry which develops, markets and deploys products and services of legal cannabis, is pleased to announce a Joint Venture (JV) with Vape Holdings, Inc. (OTCQB:VAPE) to fund the research and development of patentable technology to create pharmaceutical grade extractions from cannabis.
Each Company will bring its specific expertise to the Joint Venture; GrowLife providing Equipment Manufacturing while Vape Holdings provides guidance for the process technology and concentrate formulas. Cannabis extractions are a rapidly growing market segment of the legal cannabis market, and believed by many, including the partners, to be a significant part of the future of cannabis as consumers transition from the carcinogens often included with historical methods of drug delivery, to the more modern, safer, and efficient systems reliant on cannabis extracts. To that end, the partners in the Joint Venture are intent on introducing medical, food and pharma grade practices into the cannabis industry; from cultivation to extraction to delivery. The Joint Venture looks to service a void in the industry with regard to SOPs (Standard Operating Procedures) and GMPs (Good Manufacturing Practices), which are instrumental in all regulated food and pharma grade production/manufacturing.
"While we are pleased that Dr. Gupta's recent and excellent feature on cannabis medicine in Weed 2 showcased to many the value and benefits of cannabis extractions and concentrates, we have been working for some time to establish practices and products ready for this growing market sector," stated Sterling Scott, CEO, GrowLife Inc. "We have been advocates for cannabis-as-medicine via efforts such as our own Cannabis.org, and Mr. Tracey has devoted his career to developing better and more efficient means of drug delivery."
"Cannabis and its derivatives enter the bodies of millions of people every day and with the increased acceptance of cannabis as medicine and recreational drug, this trend will only grow in the coming years," stated Kyle Tracey, CEO, Vape Holdings, Inc. "We need to become more cognizant of what we are putting into our bodies. If your morning orange juice wasn't manufactured by certain standards to which we've become accustomed, would you still drink it? Would it taste the same? We must begin to apply similar quality standards and best practices for cannabis. Our JV with GrowLife is a strong step in the right direction."
The parties have agreed to negotiate the terms of a Joint Venture agreement ("Agreement") and other ancillary agreements as may be necessary to effectuate the intent of the parties. It is the intention of the parties to execute a definitive joint venture agreement on or before April 20, 2014.
A GrowLife Investor Presentation can be viewed online at
From time to time, GrowLife will provide market updates and news via its websites GrowLifeInc.com, Cannabis.org or the Company's Facebook page at https://www.facebook.com/tellthetruthfederalgovernment
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 and retail support software. The Company provides these solutions in our nationwide retail network, as well as online sites Greners.com, Phototron.com and StealthGrow.com. The Company also operates the political and social forum, Cannabis.org
About Vape Holdings Inc.
Vape Holdings, Inc. operates in the cannabis concentrate industry. It intends to design, market, and distribute various vaporization products; and extract and manufacture cannabis concentrates. The company also plans to develop electronic cigarettes. Vape Holdings, Inc. is headquartered in Woodland Hills, California. For more information on VAPE Holdings, please visit: www.VapeHoldings.com
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. GrowLife and its officers currently hold significant positions in VAPE Holdings as a result of investments made in 2013.
Investor Relations Contact:
Kurt Divich (702) 396-1000
SOURCE GrowLife, Inc.