Spencer Schredder, Benzinga Staff Writer
Monday morning, GrowLife inc. (PHOT) entered into a joint venture with Vape Holdings, Inc. (VAPE), for the purpose of expanding the research and development of pharmaceutical grade cannabis extractions.
GrowLife will provide the equipment manufacturing aspect of the agreement, while Vape Holdings will provide guidance regarding the processing technology and concentrate formulas.
In GrowLife’s press release announcing this partnership, they noted that the rapid expansion of cannabis extraction will help consumers “transition [away] from the carcinogens often included with historical methods of drug delivery, to the more modern, safer, and efficient systems reliant on cannabis extracts.”
The GrowLife Vape partnership also looks to fill a void in the cannabis industry through the creation of SOP’s (Standard Operating Procedures) and GMP’s (Good Manufacturing Practices). These practices are already industry standard in all regulated food/pharmaceutical production and manufacturing, so this move will help portray a more legitimate image of the cannabis industry to investors.
Kyle Tracey, CEO of Vape Holdings, stressed the importance of manufacturing standards in the press release -- asking, “If your morning orange juice wasn't manufactured by certain standards to which we've become accustomed, would you still drink it?” Later, he connected his question with cannabis manufacturiing, noting that the industry “must begin to apply similar quality [standards],” and that Vape Holding's joint venture with GrowLife “is a strong step in the right direction" for the industry.
420 Investor Alan Brochstein recognizes that GrowLife, an established leader in the cannabis sector, has taken a conservative approach thus far, in order to protect shareholders, and assumes and that partnering with Vape Holdings will provide an GrowLife an aggressive edge for the future.