GrowLife Commends Colorado's Signing of Amendment 64, Looks Towards $46 Billion Opportunity
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."
GrowLife's consortium of companies actively participate in all channels of commerce for distribution and sales, including operating on-line and retail outlets for direct consumer sales and the supply of specialty GrowLife company products to wholesale and retail channels. And, while supporting progressive normalization of cannabis laws, the company does not grow, sell or distribute any substances that violate U.S. law or the Federal Controlled Substances Act.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holding, Inc.) (www.growlifeinc.com) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Stealth Grow, a producer of grow room automation equipment and hi-powered LED grow light products for indoor horticulture(www.sgsensors.com and www.stealthgrow.com), Greners.com, the online hydroponics superstore (www.greners.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com).
For more information about our public holding company, please visit www.growlifeinc.com.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in GrowLife's filings with the Securities and Exchange Commission. In addition, all industry products are subject to additional uncertainty, including the risks of delay, cancellation and poor critical or financial reception. GrowLife disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
SOURCE GrowLife, Inc.