Growlife Inc. (OTCBB:PHOT) On A Hesitant Upwards Move
In the aftermath of the latest industry-wide hype surge among the medical marijuana companies only two have continued to find their place among the most traded stocks. The fisrt is the bellwether of the whole sector – Medical Marijuana, Inc. (OTCMKTS:MJNA), and Growlife Inc (OTCBB:PHOT). Despite having a price per share of less than half of MJNA‘s, on a couple of occasions PHOT has been able to overcome the other company in traded dollar value.
The same happened yesterday when PHOT moved $714 thousand worth of shares while MJNA saw only $300 thousand. The increased interest in the stock cannot be denied but the ticker is still plagued by extreme volatility. Almost every surge upwards is followed by an immediate correction. Still the current price of above 6 cents has been visited only rarely since mid-March.
And it is likely that the pattern will hold for the next month or so until the financial report for the third quarter of 2013 has been filed. PHOT has done a rather impressive job in hyping up its expected financial results which are going to include all the recent acquisitions done by the company. Yesterday came their latest PR article announcing an investor presentation available on their site. Although it contains little new information it is still a rather good summary of the latest events around the company that we covered in our previous articles.
The PR did its job and PHOT closed 6% in the green. PHOT also has the added benefit of being a fully-compliant filer while MJNA are a pinksheet company. Nonetheless caution should be exercised when dealing with both stocks and doing your due diligence can prevent you from suffering unnecessary losses.
Yesterday also saw the failure of another Awesome Penny Stocks pump. The company they were touting – Pacific Clean Water Technologies, Inc. f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT), was truly devastated, losing 80% of its value in just two days leaving many investors who believed the pumper scrambling to minimize their loss.