PHOTD stock (OTCPINK) surged more than 20% on Friday, December 13, 2019, after the company announced a major CBD distribution agreement.
On December 13, 2019, GrowLife, Inc. (OTC:PHOT) announced its exclusive distributorship agreement with High Plains Crop Production, LLC for four proven varieties of hemp genetics effective December 11, 2019. These genetics have third-party Certificates of Analysis (“CoA”) detailing cannabinoid performance and terpene profiles.
“The foundation of delivering high-performance CBD clones starts with having proven genetics. High Plains has delivered millions of CBD genetics for years with third-party validation,” said GrowLife CEO Marco Hegyi. “Our multi-year agreement with High Plains for several exclusive strains enables GrowLife/EZ CLONE to confidently serve hemp farmers in challenging climates.”
“We are excited to announce this new strategic partnership with GrowLife/EZ-CLONE. It will empower us to reach a customer base on a much broader scale than was previously possible,” stated Brandon Burchett, CEO of High Plains Crop Production LLC. “Together we will be able to provide farmers nationwide with the tools and support they need to succeed in the hemp industry. Our genetics are bred and field tested to produce viable growing options in even the most difficult of climates.”
Hegyi added details on how the company will distribute the clones, “The process of growing hemp for CBD involves a balancing act of maximizing CBD from the hemp plant while maintaining legally compliant THC levels. GrowLife/EZ-CLONE will sell EZ-CLONEZ, proprietary hemp clones through this exclusive distributor agreement. The clones come with Standard Operating Procedures (“SOP”) and Certificates of Analysis (“CoA”) and will come from top-tier, proven genetics partners and grown by propagators that will be designed to maximize cannabinoid yield.”
On November 26, 2019, PHOTD stock did a 1 for 150 reverse split.