Growlife, Inc. (OTCBB:PHOT) Loses Momentum
Growlife, Inc. (OTCBB:PHOT) has recently been on a winning streak and has gained some decent value. The news from the company and about the growing medical cannabis industry in general are coming in every day and the stocks of ventures in the sector are being traded intensely.
PHOT‘s gain in price since the beginning of the year is a good 161% and people that got in early and managed to have enough nerve to stay in while the company had periods of ending in the red have made a good profit by now.
Yesterday, PHOT‘s GrowLife Infrastructure Funding and Technology (GIFT) program was touted once again as it was announced that they have completed their first transaction with L.E.A.F. Aspen, a medical marijuana deispensary in Colorado.
However, the news weren’t enough to generate more upward thrust to PHOT‘s price and the ticker sunk by 8.43%, almost obliterating the prevous day’s gains. As usual, there was quite a lot of trading going on and we saw more than 70 millin shares that changed their owners, generating a whopping $31.8 million in dollar volume.
Still, there were some more good signs about the whole medical cannabis industry. Steve Katz, a Republican New York State Assemblyman has started the Greenstead Growth Fund and he even had to appear before members of the ethics committe to explain his actions.
Furthermore, by now we see that there are a lot of funds centered on the industry emerging lately with desires to help the sector grow. The expansion is so fast that there has been a shortage of legal marijuana in Colorado, partly the result of the requirements that 70% of the cannabis sold in the dispensaries must be grown by them, which was the reason for PHOT‘s GIFT program.
There is a lot of interest in the stocks of most companies in the sector and we are seeing an overall growth in price since the beginning of the year in many of them. However, before deciding a ticker for investment it is still crucial that you do your due diligence.