WOODLAND HILLS, Calif., Nov. 2, 2012 /PRNewswire/ -- GrowLife Inc. (OTCBB: PHOT) (formerly known as Phototron Holdings Inc.), an innovative leader in high end horticulture supply, today announced that it commends and supports Colorado, Washington, and Oregon's efforts to fully legalize marijuana for both medical and recreational use. While federal drug laws remain in effect, the move marks significant progress in the right direction.
Newsweek Magazine recently published an article, The New Pot Barons: Businessmen Bank on Marijuana, discussing the burgeoning industry. With Colorado, Washington, and Oregon choosing whether or not to fully legalize marijuana this voting season, businesses are ramping up their presence with even some blue chip cigarette companies rumored to be leasing warehouse space. Meanwhile, the article suggests that the market for recreational marijuana could be 10x bigger than the currently available market focused on medicinal marijuana. The remarkableness of the story is that this industry is becoming a very real business, with very real businessmen involved.
"A startling new report from the Federal Bureau of Investigation found that U.S. police arrest someone for a marijuana violation every 42 seconds," said GrowLife Inc. CEO Sterling Scott. "The reality is that the U.S. already has one of the highest incarceration rates in the world and it costs state prisons about $129 to house an inmate each day. Instead of arresting these non-violent 'offenders', the government should be collecting substantial tax revenue, and these states are finally making that clear with their progressive voter initiatives."
Public companies focused on the marijuana industry are also rapidly expanding, as the regulatory environment becomes more favorable for companies like GrowLife Inc. (OTCBB: PHOT), Hemp Inc. and Medical Marijuana Inc. These companies are joined not by 60's style marijuana advocates, but medical doctors, hospice, palliative care directors, veterans groups and a wide swath of American citizens leading the way in voter initiatives from Oregon and Colorado to more conservative states like Arkansas.GrowLife is well positioned to benefit from these trends and a vast new potential market with its high-end horticulture products for indoor growing. Recently, the company acquired Greners.com, an online hydroponics superstore, bolstered its product line-up with SG Sensor technologies, and acquired a brick-and-mortar retail presence with its purchase of Urban Garden Supplies in Los Angeles, CA. "GrowLife Inc. provides our industry with the highest quality gardening products and technologies designed to increase productivity and sustainability across the board," added Mr. Scott. "We were the first company to push the limits of today's LED technology by utilizing high output chips to mimic natural sunlight, while providing a safe and simple solution to high intensity lighting. Moving forward, we will continue to push the barrier and provide our customers with the best, while offering a safe and secure platform for our investors."