Well known indoor cultivation and associated services providing company GrowLife Inc (OTCMKTS:PHOT) saw its stock make a bit of a recovery on Thursday. Following a key announcement from the company, the GrowLife stock jumped by 6%.
Market Action:
On Thursday, PHOT stock rose 5.80% at $0.0365 with more than 208.20K shares, compared to its average volume of 673.12K shares. The stock has moved within a range of $0.0347 – 0.0400 after opening the trade at $0.0380.
Exclusive Agreement with Leading Mushroom Cultivation Equipment Supplier for Distribution of Products Throughout US
That being said, it is also necessary for investors to keep in mind that in recent days the stock has struggled and despite the recovery yesterday, the stock is still down by as much as 9% over the past week. Yesterday, the recovery was triggered by the announcement from GrowLife with regards to the signing of an exclusive distribution agreement with My Fungi Inc.
My Fungi is a market leader for mushroom cultivation equipment in Canada and it is an agreement that could be a big boost for GrowLife in the long term. GrowLife is going to get the exclusive rights for the distribution and marketing of My Fungi equipment across the United States market.
By way of this agreement, GrowLife is going to make an entry into the fast growing mushroom cultivation industry and will help both individuals as well as businesses who are involved into that line of cultivation. It could be a good move to keep an eye on the GrowLife stock today.
Key Quote:
“Moving into the mushroom cultivation equipment space is a natural progression for GrowLife and working with My Fungi is the perfect illustration of how we are leveraging our long history of cultivation expertise to bring innovative and high-demand products to emerging markets,” said Marco Hegyi, CEO of GrowLife.
Traders Note:
PHOT stock is trading below the 20-Day and 50-Day Moving averages of $0.0393 and $0.0441 respectively. Moreover, the stock is trading below 200-Day moving average of $0.1139. The stock is down 41% in the past 3-month.
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