GrowLife Inc.'s (OTCBB: PHOT) share value is substantially less than it was on the day the Security and Exchange Commission (SEC) suspended the trading of its shares from Apr. 10 through Apr. 24.
At the time, the SEC said it made its move because of its “concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Growlife’s common stock.”
The Woodland Hills, Calif. holding company that supplies equipment for legal marijuana growers said in a press release commenting on the SEC’s action that it had been not notified in advance of the suspension, but that it has contacted the SEC to better understand the basis of the complaint.
Trading of PHOT resumed Apr. 25.
On Apr. 9, PHOT shares closed at 50 cents a share, while on Apr. 29 PHOT’s closing price was 13 cents a share, down 6 cents from the previous day’s close of 19 cents.
Along with dwindling share value, GrowLife also lost some business relationships as a result of the temporary SEC suspension.
Creative Edge Nutrition Inc. (OTCPINK: FITX) announced that it had rescinded all agreements and terminated its relationship with GrowLife Inc. Soon after, RXNB and CEN Biotech also advised the CEO of GrowLife they were terminating any business agreements they had with the company.
Law Firm Also Investigating GrowLife
Meanwhile, The Rosen Law Firm also announced Apr. 10 that it is investigating potential securities fraud claims against GrowLife resulting from allegations that the company may have issued materially misleading business information to the investing public and manipulated trading in its common stock. It is publicly asking GrowLife shareholders to contact the firm, if they have any such complaints.
So far, GrowLife has not responded to the law firm’s claims.
However, the company did issue an Apr. 24 statement on its Web site. Here is an excerpt:
“In summary, GrowLife has sharpened its focus on boosting business operations and developing a strong go-forward plan, while working to understand the concerns of the SEC, and responding with candor and integrity to more than a thousand shareholder inquiries. All GrowLife stores remain open for business. Our retail managers and employees have continued actively working toward another record quarter for sales in our business.”
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Nuvilex Inc. Seeking Orphan-Drug Status to Exclusively Market Pancreatic Cancer Drug
In other news, Nuvilex Inc.’s (OTCQB: NVLX) recently announced that it has named Clinical Network Services (CNS) as the Contract Research Organization (CRO) for its late phase clinical trials in advanced pancreatic cancer.
The Silver Spring, Md.-based biotech company also stated it will apply for "Orphan Drug" status.
This is a designation that will allow Nuvilex to exclusively market its pancreatic cancer treatment using the Cell-in-a-Box(R) technology combined with the anticancer drug ifosfamide.
Treatments for pancreatic cancer engender an Orphan Drug designation in most countries and that alone enables companies receiving the status to sell their approved treatment without competition for an additional 7 years in the US and 10 years in Europe.
While there are currently long-term patents on Nuvilex's pancreatic cancer treatment, receiving Orphan Drug status will allow Nuvilex to exclusively market the Cell-in-a-Box(R) technology combined with ifosfamide long after those patents expire.
CNS to Immediately Provide Consulting
Nuvilex announced that CNS will immediately provide consulting and management services as part of implementing the company's global regulatory strategy, including applying for the Orphan Drug designation from the European Medicines Agency (EMA), the US Food and Drug Administration (FDA) and the Australian Therapeutic Goods Administration (TGA).
The Orphan Drug designation is given to treatments for "rare" diseases, and the FDA can award the status long before a treatment is approved for use.
In the United States, diseases like pancreatic cancer that are diagnosed in less than 200,000 people annually, are eligible for this designation, meanwhile, in Europe, the designation is reserved for diseases occurring in less than 5 out of every 10,000 people, so Nuvilex's treatment should easily qualify.
In 2007, both the FDA and EMA moved to reduce the burden on those applying for Orphan Drug status by agreeing to use a common application process for both agencies.
On Apr. 29, NVLX’s share price closed at 30 cents, down 2 cents from its close of 32 cents the previous day.
Bayport International Holdings Inc. To Start Selling Cannabis-based Cosmetics
Meanwhile, Bayport International Holdings, Inc. (OTCPINK: BAYP) stock volume skyrocketed Apr. 29, 2013, with 582,405,448 shares changing hands, 4 times its three-month average volume of 142,366,224 shares.
This gargantuan surge in volume comes on the heels of the Tulsa, Okla.-based gas-and-oil exploration company’s announcing that it has signed a Letter of Intent with a cosmetic, safety and health product-manufacturer.
Bayport is forming a joint venture to design and produce the first two in a line of hemp-based products designed and manufactured exclusively through its subsidiary Bayport Medicinal Research Inc. According to the company, it is currently working on packaging designs and finalizing product formulations.
Once these cannabis-based products become ready for market, Bayport will make them available through its new ecommerce website at and available for sale worldwide.
Beta testing for the new ecommerce website will start immediately. Bayport is taking this approach due to the multibillion dollar industry that cannabis oil has become. Cannabis Hemp Oil details will be released as product development progresses.
All Roads Lead To Marijuana
Bayport International is just the latest company to take its focus off its core business and head for the marijuana gold mines, still to be created.
On Apr. 29, BAYP shares closed at 0.001 cents down 0.0001 cents from its closing price of 0.0011 the previous day.
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United Treatment Centers Rolls Out Its New Web Site and Video Production Unit
On Apr. 29, United Treatment Centers OTCPINK: UTRM), an internet-based news content provider for the marijuana industry, experienced robust stock volume with 89,262,057 shares changing hands
The volume is being fueled in part by the Los Angeles-based company’s unveiling of its new website and daily video production component.
The website will serve as the main portal for news regarding the marijuana industry. Daily video broadcasts will keep viewers up to date with relevant information and commentary. The show launched on Apr. 20 with its first news video.
Using streaming technology, videos will be disseminated globally through the website and social media outlets. The show will be informative, covering all aspects of the marijuana industry, presented in a style tailored to the interests of the audience.
Additionally, the website will offer compliance packages and insurance for those looking to break into the marijuana industry. The website also provides a great opportunity for marijuana businesses to market products and services.
On Apr. 29 UTRM’s share price closed at 0.004 cents, down 0.0004cents from its closing price of 0.0044 cents the previous day.
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