Growlife, Inc. (OTCBB:PHOT) Making A Recovery
The hype, surrounding the medical cannabis sector is not over, yet companies like Growlife, Inc. (OTCBB:PHOT)’s stock have gone through a period of descent recently. Things however, changed in the latest session and most companies in the industry began climbing up.
The general direction in which PHOT is headed is upward, but the company stock has its low moments and periods of sliding down the charts. Of course, some people lose money at these times, but the patient traders are making a profit.
PHOT hasn’t made any recent press releases, however, the stocks of companies in the medical marijuana sector seem to be going hand in hand when it goes to price movements, because of the general news.
The latest optimistic news about the industry that we discussed in our previous article on PHOT are that the federal ban on banking services for the medical cannabis business has been lifted, but there are still a lot of banks that simply don’t want to waste the resources involved with evaluating and monitoring the companies for illegal activity.
That happened in the middle of this month and managed to generate some upward momentum, which however, was crushed and what followed was a period of descent, almost obliterating the gains that PHOT had made.
Still, PHOT managed to return to its upward direction in the past 2 sessions and made up for the losses that it had suffered in the 4 days it ended up red, making the overall gain it has made since the beginning of the year come at a total of 150%.
Yesterday’s run was quite mysterious, as there were no news from PHOT. Yet, there are news coming in for the whole industry that can be held accountable for the 13% gain that the company stock made yesterday, generating a massive $14.7 million dollar volume and ending up with a closing price of $0.3946 per share.
The overall movement for the stocks of companies in the medical cannabis industry is upward, but they can be tricky if you are looking for a quick profit. That, of course, doesn’t mean that you shouldn’t do your due diligence, before deciding to invest in any particular stock.
Medical Marijuana, Inc. (OTCMKTS:MJNA) also did good yesterday, and climbed 8% in value. Other stocks like Cannabis Science, Inc. (OTCMKTS:CBIS) and Hemp, Inc. (OTCMKTS:HEMP) also made a climb, but all the above companies have started today’s session on a bad foot and may end up in the red.
