Growlife, Inc. (OTCBB:PHOT) Drops Under Pressure

The stock of Growlife, Inc. (OTCBB:PHOT) has been riding the hype that was created in the medical marijuana industry after dispensaries in Colorado started selling weed for recriational use legally with the beginning of 2014.

The overall gain that PHOT made wasn’t the highest in the sector, but it seems that the party is over for now. Yesterday, the company stock made its first big drop in quite a while, after a very critic review on Seeking Alpha.

The ticker lost a hefty 26% of its value and closed the session with a price of $0.2585, beating its highest volume yet again. The massive 191 million shares that switched hands during the day were enough to generate a mind-blowing $68.8 million in dollar volume, putting the ticker in the top of the most active stocks in the session.

Looking at the intraday chart you can see that just after the review on Seeking Alpha was published at 12:57 PM the stock started to drop in price until finally some people began to feel the heat and started dumping stock right after 02:00 PM, pushing the price as low as $0.24 per share.

Today’s session isn’t going very well either. PHOT started dropping immediately after the start of the trading session and sunk at $0.18 at one moment. It managed to regain some of its value, but is still 11% down from yesterday with quite a lot of traded shares.

In any case, be sure to do a lot of due diligence and weigh out the risks, if you have any ideas of betting on PHOT at this moment.

Hemp, Inc. (OTCMKTS:HEMP) also lost its momentum yesterday and dropped 24% in value. We see the same thing happening with GreenGro Technologies Inc (OTCMKTS:GRNH), Terra Tech Corp. (OTCBB:TRTC) and Endexx Corp. (OTCMKTS:EDXC) also. Medical Marijuana Inc (OTCMKTS:MJNA) and Cannabis Science Inc (OTCMKTS:CBIS) didn’t follow yesterday’s trend in the sector, but started today’s session on a bad foot so they might be the next to drop.