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Tuesday, February 04, 2014 2:58:47 PM
..."However, just this week the company (PHOT) went global when it invested in a Canadian plant that is expected to produce up to 1.3 million pounds of medical marijuana annually with $40 million in restricted stock.
...But Scott stands firm in his conviction that GrowLife is contributing to the Canadian joint venture without legal risk of merit to GrowLife and its shareholders through its joint venture partner OGI, which is invested in CEN Biotech. CEN Biotech is in turn working under the inspection and authority of Health Canada to launch the plant.
"There are enough fully legalized protections built into the structure of the joint venture between OGI, GrowLife, Health Canada and CEN Biotech that we don't expect any legal blowback," Scott told MainStreet. "Our U.S. operations will be providing equipment, services and supplies to a marijuana growing facility and that's not illegal. So, we are totally in the clear with this."
Currently under construction in the City of Lakeshore, Ontario, Canada, the facility is expected to be fully operational in growing and selling cannabis internationally to Israel, Holland, Colombia and Uruguay within six months to nine months.
"We are looking for five times the return on our investment from this partnership," Scott said.
It's possible considering that the CEN Biotech facility will purchase growing equipment and services exclusively from GrowLife once completed and Scott negotiated an equity position in the growth of the facility.
"Until now, it's been difficult or impossible for public companies such as GrowLife to be engaged in touching or selling cannabis in the U.S. so this Canadian opportunity opens new avenues for us," Scott said.
"We are not eager to disrupt what's working for us with an IPO but we are open to stepping up to a bigger exchange in 2015 if we out grow being listed on the OTCBB because of this venture," Sterling said.
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