Marijuana stock: Growlife Inc
(OTCMKTS:PHOT) is back and looks to be making all the right moves under CEO Marco Hegyi. He’s keeping shareholders abreast of the latest developments. He has accomplished the amazing task of getting Growlife listed on the OTC again.
PHOT getting its listing back is happening just in time. The marijuana industry is primed to benefit from the coming tide of legislative changes that will transform the industry. 2016 will be a great year for the marijuana industry. The reason being is that the marijuana industry has a lot of tailwinds. Roughly 14 states could legalize marijuana this year, adult-use cannabis or possibly both, either at the ballot box or through state legislatures. While it’s doubtful all those states will be successful, there’s a good chance at least a handful will legalize in 2016. No other single year has offered such incredible promise in terms of the sheer volume of states that could legalize, thanks to other pioneering marijuana markets and growing support for cannabis in general.
The ArcView Group just reported that legal sales of cannabis grew to $5.4 billion in 2015, up from $4.6 billion in 2014. Demand is expected to remain strong this year and the research firm forecasts sales of $6.7 billion. Nonmedicinal adult use accounted for $998 million of the total sales in 2015, up from $351 million in 2014, according to the ArcView/New Frontier report summary.
Growlife “aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to best serve more cultivators in the design, build-out and expansion of their facilities with products of high quality, exceptional value and competitive price. Through a nationwide network of local representatives, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media (farming soil), industry-leading hydroponics equipment, plant nutrients, and thousands more products to specialty grow operations in 17 states.”
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