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Tuesday, Oct 3, 2023

SEC Stops GrowLife Trading

Trading in shares of GrowLife Inc. was stopped Thursday for two weeks as the Securities and Exchange Commission questioned some of the company’s stock transactions. The SEC issued a press release stating it had “concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions” in the common stock of the Woodland Hills seller of marijuana-growing supplies. The suspension, which will last until April 25, left shares unchanged at 50 cents. The stock is listed on the OTC Bulletin Board. Among notable stock transactions was the sale in the past week of more than 500,000 shares by Robert Hunt, a director and executive vice president. Hunt joined the firm last summer as part of GrowLife’s purchase of three Colorado marijuana industry businesses. He was chief executive of Evergreen Garden Center LLC, which was purchased along with Rocky Mountain Hydroponics LLC and 58Hydro.com. And in February, the company increased the number of its authorized shares of common stock from 1 billion to 3 billion, causing a controversy with some investors. GrowLife issued a statement in response to the SEC decision, saying it planned to work with the agency to resume trading as soon as possible. “We were not notified in advance, but have contacted the SEC to better understand the basis of the complaint,” the company said. “ We will fully comply with the SEC’s requests for information, and continue business as normal during this temporary suspension.”

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