Growlife, Inc. (OTCBB:PHOT) Fails to Bounce
Despite the best efforts of the company to boost investor confidence, Growlife, Inc. (OTCBB:PHOT) closed red once again. Yesterday the ticker slipped another 7% to a close of $0.19 per share.
All other marijuana tickers that ended up among the 20 most heavily traded OTC stocks managed to close green, several in double digits. PHOT was the only percentile laggard in the bunch, even if it did generate the largest dollar volume on its way down.
Even though the company came up with a new press release shortly before the open yesterday, the news didn’t help the price movement much. PHOT informed the public that a commissioned study into the medical applications and ‘practical uses’ of cannabis had been completed and its results were a real eye-opener. The study is heralded like an event of paramount importance even though no specifics are mentioned.
Among other generalities, PHOT further hinted at a potential new joint venture in the field of cannabis. Sadly, no details are provided on either the study or the joint venture in question.
Investors are keeping a keen eye out for any and all announcements related to PHOT‘s ‘GIFT’ program aimed at financing smaller pot-sector startups who are denied funding by banks. The company has proposed an upping of authorized shares to accommodate the joint venture with CANX USA, which we examined in previous articles. In light of the latest press release, it’s not too clear what PHOT is focusing on – developing GIFT or branching into medical cannabis.
A Facebook post on the page of Creative Edge Nutrition, Inc. (OTCMKTS:FITX) sent a ripple through online discussion forums yesterday as it hinted in an oblique way that FITX will be one of the first beneficiaries of PHOT‘s GIFT program. The disclosure of such information through a non-official channel is hardly a wise move and even though the text doesn’t state this flat out, the wording makes it sufficiently evident that something along those lines is in the works.
Other pot sector tickers fared much better yesterday, revving green again after the extended weekend break. Cannabis Science, Inc. (OTCMKTS:CBIS) managed to climb 12% and reach $0.11 per share. Hemp, Inc. (OTCMKTS:HEMP) too struck green after four red sessions and stopped nearly 7% up by the closing bell, at $0.04 per share.
