Growlife Inc.(OTCBB: PHOT) sent investors into a tailspin Tuesday, flopping to 0.674 -0.103 (-13.29%). This comes on the heels of the company's highest day in trading (no pun intended) Monday, trading at 0.7385, up 0.1505(25.60%).
Growlife had enjoyed some good press as of late with their recent announcement of a joint venture with Vape Holdings, Inc. (OTCMKTS:VAPE) to fund research and development of a "..patentable technology to create pharmaceutical grade extractions from cannabis." Meanwhile Transbyte Corp. (OTC: ERBB) returned back to the green today, trading at 0.0590 +0.0088 (17.53%).
Another surprise in today's trading comes from mCig Inc (OTCBB:MCIG), currently priced at 0.870 +0.099 (12.84%). Ironicially, like Growlife Inc.,this is also mCig's best month so far in trading. mCig Inc. is known for self-titled product- the mCig, "...the world's most affordable vaporizer that provides a superior smoking experience by heating plant material, waxes, and oils in hopes of delivering a smoother inhalation experience..." the company states. The company announced its first quarterly profit in corporate history today, and reported the following:
- $85,000 in revenue reflecting an increase of over 580% over the same quarter in 2013.
- Gross Profit was $54,474 reflecting a gross profit margin of 64%.
- Shareholder Equity Increase to $1,321,736 compared to negative ($210,087) for the quarter ended January 31, 2013
Unfortunately, Growlife's performance today is just another example of the instability in marijuana stock investing and the volatility it can bring to any small cap investor's portfolio.