WOODLAND HILLS, Calif., Jan. 10, 2013 /PRNewswire/ -- GrowLife Inc. (OTCBB: PHOT); in yet another nod to the quality of the company, was highlighted in the San Fernando Valley Business Journal in an article titled "Marijuana Market Grows Like Weed." The article highlighted how new regulations are favorably impacting the market, drawing further attention to the rapidly growing industry and the public companies operating within it. Author Joel Russell reflects on GrowLife's 120% increase in sales, and how the need for both hobbyists and commercial growers to purchase high quality lighting and hydroponic equipment is taking companies such as GrowLife to the next level.
Outside of Colorado and Washington states, marijuana is still illegal except for medical purposes, which limits the potential of many companies within the industry. Kyle Tracey, President of GrowLife, is quoted in the piece as saying "We are positioned as the only real safe and legal play for investors in our sector, as we support progressive normalization of cannabis laws but do not grow, sell or distribute any substances that violate U.S. law."
Russell also interviews Adam Bierman, president of MedMen, which is a medical marijuana consultancy based out of LA. Bierman regularly fields calls from high level executives and investors and had this to say about the blossoming marijuana industry "I'm getting calls….from the C-Suites at brokerage houses. There are more legitimate investors interested in it. And the more transparent the industry gets, the more sustainable it becomes." Along these lines, the article also highlights that GrowLife is a fully reporting transparent entity, which is uncommon in the industry as there are a number of 'pink' sheets that do not provide regular financial reporting details to the SEC.
The article goes on to draw the parallels between large-scale tobacco and large-scale marijuana growing operations. The tobacco industry is considered by many to be a natural fit for moving into this territory, seeing how their own market share has been dwindling for decades, and they are already familiar with the horticultural side of the business. This, coupled with already owning the machines to roll marijuana 'cigarettes', leaves these potential new growers with one major purchase to be made; lighting equipment, and that is where GrowLife is already taking aim and succeeding.