Recent developments in the medical cannabis industry have made it one of the most exciting stories of the last half-decade. The increasing number of states and countries approving the use of cannabis for its medical use has helped to drive the demand that is now being seen in the broader market. Further, the growing interest within the medical community is rising, as scientific researchers now have better access to the resources required to make better development practices possible.
Relative to these advancements, it is no surprise that the cultivation of the cannabis plant itself is also benefiting from new innovations. As a result, a wider array of technologies are available which focus on sustainable practices in agriculture and water management. Additionally, greater focus on the improvement of soil quality through the development of various organic fertilizers has helped to maximize the ways cannabinoids can make lives easier for patients.
Innovators in Cannabis Cultivation
GrowLife Inc. is making a name for itself in this field. GrowLife is a publicly-traded holding company that specializes in soil technology, cultivation equipment, and other related products. The company’s stock trades under the ticker symbol PHOT in the OTC market, and includes various subsidiary and divisions that have helped to drive company growth.
Key examples here influde GrowLife Hydroponics which sells various equipment through an online e-commerce platform, GrowLife Commerical which specializes in consulting and installation services for commercial growers, GrowLife Retail which holds the company’s retail locations including the company’s flagship Canadian store in Calgary Canada, and FreeFit Flooring within its GrowLife innovations subsidiary, which is an eco-friendly, non-toxic building materials manufacturer, among others. GrowLife provides essential products and services like soil and plant nutrients, media and hydroponic systems.
Just recently, GrowLife Inc.’s organic peat mix (GrowLife HP soil) was studied and chosen for exclusive use by the largest U.S. state-sanctioned cultivation facility in Colorado (Green Man Cannabis). According to the Green Man, the GrowLife HP soil was chosen because it allows for superior results in cannabis production levels.
Chief Cultivation Officer and GreenMan Cannabis Partner Corey Buffkin explained, “After months of testing and production, we are confident in our decision to use GrowLife HP Soil as it meets our quality and pricing needs. This high-porosity organic mix allows us to feed our plants more often, which means increased yields.”
Aside from their operations in Colorado, Green Man has started using the product in its cannabis cultivation facilities in other areas (Oregon, and Las Vegas) under the brand name Greenway Medical.
Growth Rates in Medical Cannabis Companies
In other news, GrowLife Inc. also just announced the completion of retail locations in Canada built to accommodate expanding market demand for the indoor cultivation of medical cannabis products. This essentially amounts to a retail base ranging from $4.9 billion to $8.7 billion, depending on which expert survey is used for the analysis. These are massive numbers and this suggests excellent opportunities are available for investors that are able to establish asset exposure to the main innovators in these markets.
Many experts now believe that these are exciting times for the emerging industry. Medical cannabis cultivation techniques have been studied more in the last five years than at any time in history, and this is unlocking potential benefits for patients that were previously unknown. As medical cannabis becomes more accepted and is legalized in other U.S. states, the industry is expected to expand solidly through 2025. This will propel the industry even further as companies gain more money to invest in technology and innovation.
For GrowLife and other members of the medical cannabis community, the uniform goal for everyone is to drive down the cost of products paid by patients in need. A large part of the process will be fueled by the development and adoption of new agriculture technologies. As consumer-driven technology advances, the innovation surge is pushed even further.
GrowLife and other industry innovators still remain attractive in terms of their potential value for both shareholders and patients. As the “pick and shovels” play in this modern-day Green Rush, stocks like PHOT stand to gain over time. This is a largely untapped industry, and so the potential for growth is massive when compared to most other areas within the financial markets.