WOODLAND HILLS, Calif., Dec. 4, 2012 /PRNewswire/ -- GrowLife Inc. (OTCBB: PHOT) is a dedicated company focused on providing the blossoming marijuana industry with the highest quality growing products available, while still complying with all federal and state laws.
GrowLife is proud to announce its endorsement of a recent article drawing correlations between the exploding $1.7B/year marijuana industry, and the beer and wine industries. Amid ongoing legalization efforts, a report from financial news firm 'See Change Strategy' predicts the marijuana market could reach $9B/year by 2017, a 429% growth in the industry.
Of all the publicly traded companies looking to capitalize on the 'green rush,' GrowLife has been able to position themselves as the industry leader when it comes to affordable, high end indoor/outdoor gardening equipment for hobbyist and commercial growers alike.
There are many who feel that the size of the marijuana market has the potential to rival that of the beer and wine industry. It is estimated that 100 million Americans have tried marijuana in their lives, with 28 million having used marijuana in the last 12 months. Compare that to a Gallup poll from this spring that states a full 34% of Americans never drink alcohol, and an additional 52% are considered to be 'occasion' drinkers where they only drink when in social settings.Read the full Long Beach Business Journal article at the following link: http://www.lbbusinessjournal.com/long-beach-business-journal-newswatch/173-12-11-20/1085-the-business-of-medical-marijuana.html Key highlights in the article included:
- Cliff Schaffer, editor of MarijuanaBusinessNews.com, indicated his belief that the marijuana industry has the potential to rival the size of the beer and wine industry, with municipalities benefiting from tax revenues in much the same way
- Tripp Keber, managing director of Dixie Elixirs and Edibles LLC, which produces 65 marijuana-infused products in Denver, CO, added that "Big Alcohol, Big Tobacco and Big Pharma clearly are watching" these industry trends.
- Predicts that the market could reach nearly $9 billion in the U.S. over the next five years, as some states are likely to legalize marijuana for medical purposes and others likely to legalize marijuana for recreational purposes.
- California spends an estimated $2 billion each year enforcing prohibition, according to Jeffrey Miron, director of undergraduate studies at Harvard University, and the resources needed for these efforts are rising each year.