While today marks the rebirth for Advanced Cannabis Solutions, Inc. (CANN) after being halted by the SEC on March 27th, the penny stock of Growlife, Inc. (PHOT) got whacked today as it has been temporarily suspended. Just yesterday, PHOT stock ended the session as the 2nd most traded with $14,256,087 in volume meaning a large number of investors and traders who held overnight have lost almost all their money they had in it. Thanks to some twitter evidence of insiders selling big blocks of shares yesterday, the traders who were on the sidelines are the only ones who are smiling.
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PHOT Stock Chart
Issued and Outstanding: 806,090,859
Sterling Scott: 73,737,499
John Genesi: 10,000,000
Justin Manns: 15,703,205
Rob Hunt: 27,746,460
Marco Hegyi: 25,000,000
Eric Shevin: 2,004,200
Alan Hammer: 808,333
Anthony Ciabattoni: 572,222
Jeff Giarraputo: 572,222
Bob Kurilko: 3,383,333
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All that traders could talk about this morning was the shock of Growlife’s PHOT stock getting suspended by the SEC. Unlike all of the marijuana stock scams that are ending each and every day in the top 20 traded on the OTC, Growlife just got done reporting $6,494,119 in revenues for the year ended December 31, 2013, almost $870,000 less than the prior year, $7,363,184.
Then again, the revenues have less to do with the suspension of PHOT than does the greed factor created from holding on to millions of dollars worth of stock which, as a director or officer, should really be held on to. Then again, when you can move 2.5 million shares at around 0.52 and cash in on $1.3 million, it’s hard not to take the carrot that dangles.
It totally sucks when one of the hottest penny stocks gets suspended by the SEC for what it’s calling “potentially manipulative transactions in PHOT’s common stock.” Screenshots were floating all over Twitter in the aftermath of the suspension announcement which showed Robert Hunt, director and Executive Vice President of GrowLife, Inc. as well as the current President of GrowLife Hydroponics, having sold off over 2.5 million shares of PHOT stock on the 8th and 9th as if he had a crystal ball of what was due to happen today.
It’s even more shocking that PHOT was suspended when you consider that Marco Hegyi was brought in to be the President of Growlife back in December, 2013. Hegyi, prior to joining Growlife, was only the Senior Director of Global Product Management at Yahoo! and at Microsoft leading program management for Microsoft Windows and Office beta releases aimed at software developers from 2001 to 2006.
The suspension by the SEC reads: “The U.S. Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading of the securities of GrowLife, Inc. (“PHOT”), of Woodland Hills, California at 9:30 a.m. EDT on April 10, 2014, and terminating at 11:59 p.m. EDT on April 24, 2014.” Hence, as CANN stock returned to trading today and saw it’s shares jump over 100% from the $7 open (just like we said it would), PHOT stock will be a good target for new buyers who can trade “grey sheets” come Friday, April 25th.
Unfortunately, the reality of PHOT stock getting temporarily suspended is going to cost those who had shares as of last night tens, if not hundreds or millions, of dollars as a group, especially those who were lead like sheep by @WolfOfWeedSt. Preying on the chance to capture some of the slaughtered sheep and bring them back to life, the self proclaimed king of penny stocks was kicking the bagholders in the teeth on Twitter like a drunken father beats his kid for not knowing how to pour his beer without foaming it all up.
Sideliners who weren’t in PHOT stock can take the next 2 weeks to put aside some play money to grab some when the suspension is lifted for what should be an easy 100% or better. What’s apparent is that the mighty hand of big brother has sent enough of a shock through the OTC that, as we have said time and time again, the survival of the fittest is due to weed out the scamming marijuana companies which are clogging up the OTC right now.
About PHOT Stock
Growlife, Inc. is a holding company with multiple operating businesses that manufacture and supply branded equipment and expendables in the USA for urban gardening, inclusive of equipment and expendables for growing of medical marijuana.
Click here to view the SEC filings for PHOT.
Click here to view the website for Growlife.
Last 5 Trading Sessions:
Advanced Cannabis Solutions’ CANN stock came out stronger than expected today at $7, down -$22.99 from where it was halted at. Since most suspended penny stocks tend to come off their suspension at -90% less than the price they were before the penalty, PHOT stock should begin trading Friday, April 25th, at or near 0.05. As evidenced by the MDDD comeback and the early morning results of CANN, PHOT needs to be on the watch list when the market opens on the 25th.
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