Growlife Inc (OTCBB:PHOT) has established itself as a volume leader since landing back on the OTC on February 18 after the Company received clearance on its Form 15c2-11. Everyone remembers the spectacular run this one made in early 2014 when pot stocks heated up and lit up the bb’s. PHOT was at the forefront of this phenomenon and once of its fastest runners until the stocks trading was suspended.
PHOT has come back just in time with around 14 states looking to legalize marijuana this year, medical or anyone and either at the ballot box or through state legislatures so there are plenty of reasons for the sector to heat up again.
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 $44 million market valuation PHOT has minimal assets, slowing revenues and $4.6 million in payables that continue to lead to dilution and the Company will need to issue at least $2 million in stock to settle current lawsuits. But PHOT is one pot stock to watch that knows how to sell the sizzle on this exploding phenomenon. The Company has also made a significant strategic shift away from their 5 retail locations to ecommerce and direct-to-consumer channels with new CEO Marco Hegyi leading the way. 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.