GrowLife Commends Passage of Voter Initiatives Supporting Legalization
WOODLAND HILLS, Calif., Nov. 7, 2012 /PRNewswire/ -- GrowLife, Inc. (OTCBB: PHOT) (formerly known as Phototron Holdings Inc.), an innovative leader in high-end horticulture supply, today announced that it commends the full legalization of marijuana in the states of Colorado and Washington. These initiatives mark ongoing progress towards a more reasonable state and federal policy regarding the use and sale of marijuana for both medical and recreational purposes.
"The road to legalization of marijuana has been long and difficult," said GrowLife, Inc. CEO Sterling Scott. "Despite federal drug laws remaining in place, these states have shown tremendous initiative in moving towards a more reasonable and sustainable marijuana policy that benefits the public, both in terms of reduced crime rates and greater tax revenues."
According to 2011 statistics from the U.S. Federal Bureau of Investigation interpreted by Law Enforcement Against Prohibition (LEAP), approximately 750,000 people were arrested with 81.8% of all drug arrests for possession alone. These arrests could be costing taxpayers between $1 billion and $3 billion each year, excluding the costs of trying and imprisoning these people.
Public companies focused on this emerging industry are also experiencing rapid expansion as the regulatory environment becomes more favorable. GrowLife, Inc. (PHOT), Hemp Inc. (HEMP) and Medical Marijuana Inc. (MJNA) have all seen heightened attention in recent weeks. These three exceptional companies are being run by acute businessmen, that while compassionate towards the needs of individuals, are keenly focused on the bottom line, and what that means to their investors.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holding, Inc.) 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 LED producer of hi-powered LED grow light products for indoor horticulture (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 entertainment 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.