Two years ago, Growlife (OTC: OTCQB:PHOT) was the most widely held and actively traded cannabis stock, commanding a market cap of hundreds of millions of dollars. It had already peaked by the time General Cannabis (OTCQX:CANN), then known as Advanced Cannabis Solutions, was suspended from trading by the SEC for two weeks in late March. On the exact day that CANN resumed trading, April 10th, 2014, PHOT was hit with a suspension as well:
The Commission temporarily suspended trading in the securities of PHOT because of questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in PHOT's common stock.
To this day, the SEC has not filed charges against the company or anyone associated with it. As a result of the suspension, the stock lost its OTC listing and the ability to trade with bids and offers being posted (the Grey Sheets). The company worked hard to restore its listing status and announced the change today:
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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.