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WOODLAND HILLS, Calif.,
Dec. 12, 2012 /PRNewswire/ -- GrowLife, Inc. (OTCBB: PHOT), a completely legal provider of highly effective indoor growing technologies to the blossoming marijuana industry, today announced its support for
Colorado's official legalization of marijuana for recreational use. After Amendment 64 passed on
election-day, Democratic Governor
John Hickenlooper has now signed the Executive Order to formalize the amendment as a part of the State Constitution.
The governor's signature makes it legal for citizens 21 years of age or older to possess, grow up to six marijuana plants, and use small amounts of recreational marijuana in their homes. Since buying or selling marijuana will still be illegal, home growing may be one of the only completely legal ways to consume the drug, particularly with the threat of the federal government cracking down on the industry.
Colorado's official legalization of recreational marijuana opens the door to a potential
$46.42 billion market opportunity in
the United States," said GrowLife Inc. CEO
Sterling Scott. "Medical Marijuana Business Daily extrapolated this figure from a
Washington State Office of Financial Management estimate that in-state sales could reach
$1.021 billion per year. Capturing just a fraction of this market could deliver significant value to our shareholders."
GrowLife provides innovative products designed specifically for both hobbyists and professional gardeners who are looking to produce high quality flowers with maximum levels of essential oils and resins. Scott continues with "GrowLife's product lines are perfectly suited for home gardeners; we have worked tirelessly positioning our company to continue maximizing potential sales from the growing 'green rush', and are committed to providing our shareholders with the highest possible return on their investment."