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Saturday, November 26, 2022

Growlife Inc (OTCBB:PHOT) Hits the OTC with a Bang

Growlife Inc (OTCBB:PHOT) is making a spectacular move up in recent weeks since trading well into the triple zero subs. PHOT is one of the original pot stocks with a long history of explosive moves running out of the subs to over $0.75 in early 2014.

When pot stocks heat up PHOT is the perfect vehicle with a history of spectacular moves anytime the sector moves; reasons for another sector surge include Canada’s new prime minister promising legalization immediately, DEA being told by California judge to stop interfering with dispensaries, billionaire Richard Branson suggesting a decriminalization amendment in the U.N. 6,000 non-violent drug offenders released Nov 1st, Australia lifting ban on medical mj, New York opening medical mj dispensaries January, Colorado revenues skyrocketing and more.

Growlife Inc (OTCBB:PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to best serve more cultivators in the design, build-out and expansion of their facilities with products of high quality, exceptional value and competitive price. Through a nationwide network of local representative, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media (farming soil), industry-leading hydroponics equipment, plant nutrients, and thousands more products to specialty grow operations in 17 states. GrowLife is headquartered in Seattle, WA and was founded in 2012.

PHOT trading was temporarily suspended in April, 2014 because of questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in PHOT’s common stock.” When shares resumed trading, they were relegated to the grey sheets after loosing its listing on OTC Markets.

At the time of the suspension then CEO Sterling Scott tried to stop the collapse of his stock by issuing two press releases. He stated the Company had established a new shareholder hotline and email communication system to field shareholder questions over the next few days. He also stated the Company had been informed it was not the subject of an informal or formal investigation. Of course none of this was successful.

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The stock has seen a massive surge after PHOT announced its common stock has resumed quotation on the OTC Bulletin Board after receiving clearance on its Form 15c2-11.

“GrowLife was notified yesterday that FINRA approved a market maker who filed a 15c2-11 in August 2014,” stated Marco Hegyi, President of GrowLife. “We are pleased to clear this important hurdle of restoring trading in GrowLife on the OTCBB. Re-listing on the OTCBB will allow us to enhance liquidity in the stock and attract additional market makers and institutional investors. We plan to expeditiously apply for up listing on the OTCQB to further these goals.”

Mr. Hegyi continued, “I am grateful to our shareholders, investors and partners who have stood by us during this challenging time. We will continue to work towards increasing shareholder value, and will now get back to strengthening the indoor growing industry.”

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Currently trading at a $57 million market valuation PHOT did have significant revenues that have dropped off big time in the last year; the Company has minimal cash and fast rising debt. But PHOT is one of the original pot stocks on the bb’s with a long history of spectacular moves every time the sector heats up. The Company also knows how to market itself and get itself featured in mainstream media which has been a big part of the stocks success in the past.   We will be updating on PHOT when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PHOT.

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Disclosure: we hold no position in PHOT either long or short and we have not been compensated for this article.

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