Dallas, Texas 03/14/2014 (FINANCIALSTRENDS) – Fusion Pharm Inc (OTCMKTS:FSPM) announced to expand its alliance with GrowLife, Inc. The company which manufactures PharmPod professional cultivation system and GrowLife deals with legal cannabis production and marketing in collaboration intend to offer a co-branded line of specialized professional cultivation equipment components. According to the reports, these components will include professional hoods/reflectors initially and will be developed into custom designed components later. The company announced it is expecting the first shipment to be ready February for commercial production.
Fusion Pharm Inc (OTCMKTS:FSPM) Increases Its Existing Production capacity.
Fusion Pharm which is planning to grow its business has been facing challenges with its existing facility which the management feels has inadequate space to sustain the current orders and also support the upcoming orders during 2014. The company anticipates issues going forward with the current facility and has nearly doubled its manufacturing facility space by acquiring 10,000 additional square feet in the Denver Colorado facility for production purpose starting February.
Fusion Pharm Inc Closes First Successful Sale In Massachusetts
The company has striked a deal with Greeneway Wellness Foundation. According to the reports, it is estimated to be more than $4million. Currently, Greenwell has obtained 3 out of the available 35 licenses in Massachusetts. The report also states, Fusion Pharm Inc will be financing 50% of the project costs over a two-year period. The company which currently has a market cap $58.5M has announced it has completed $1million round of equity funding. This fund will be used to develop the company’s growth, primarily expand the manufacturing facilities; add new sales centers in the identified key regions and to acquire key expertise to facilitate expansion and development. With the reported 38% revenue growth the company is gearing up for a busy year 2014.