Growlife Inc. (OTCBB:PHOT) Returns To It’s Upward Course
After being stopped in its tracks with a session in the red on Tuesday, the stock of Growlife Inc. (OTCBB:PHOT) returned to its upward course with full force yesterday and it seems that nothing can stop it from climbing higher.
There are still no news from the company in this week, but that doesn’t mean that their stock isn’t climbing the charts with full force, while being mentioned in several articles alongside other players in the medical marijuana business such as Medical Marijuana Inc (OTCMKTS:MJNA), Cannabis Science Inc (OTCMKTS:CBIS), Hemp, Inc. (OTCMKTS:HEMP) and Terra Tech Corp. (OTCBB:TRTC).
Yesterday, PHOT added another 50.11% to its value and closed the session with a price of $0.3499 per share on the highest volume in its trading history. We saw some 112.4 million shares switch hands which generated a mind-blowing $33.49 million in dollar volume.
PHOT isn’t one of the tickers with the bigger gains in the sector since the start of the hype, but is definately in the first spots when it comes to trades and trade value. At the moment it is competing for the first spot with GreenGro Technologies Inc. (OTCMKTS:GRNH) who have climbed a staggering 1718% since the beginning of the year and registered some $53.2 million in dollar volume yesterday.
Many people think that PHOT might reach $1 per share soon, but that’s not the opinion of Alan Brochstein who shared his thoughts on the sector in an article he posted on Seeking Alpha this morning concerning the cannabis bubble, as he calls it.
This, accompanied with the lack of news from the companies and the higher and higher volumes of traded stock might have a bad effect on investor confidence, so the best thing you could do is to do your own due diligence and decide if the risk of entering at this stage is worth it.