GrowLife Inc., a Woodland Hills seller of supplies to the marijuana growing industry, has relocated its corporate headquarters to Washington state, where voters have approved recreational pot use.
The company, which had been under regulatory scrutiny, announced the move in a regulatory filing with the Securities and Exchange Commission last week.
Trading in its stock was halted April 10 for two weeks by the SEC for what the agency called “potentially manipulative transactions.” At the time, shares traded for 50 cents.
The company has been rapidly expanding to gain market share as pot legalization gains traction. It had used warrants and stock as currency for everything from acquisitions to wages and rent on its Woodland Hills offices.
About a month after resumed trading, Chairman and Chief Executive Sterling Scott resigned.
The filing did not indicate what presence the company will keep in the area. It operates a retail store on Ventura Boulevard. Other operations include retail stores in Santa Rosa, Colorado, Massachusetts and Maine.
The company reported a first quarter operating loss of $2.4 million revenue of $2.4 million. However, its net loss was much larger, about $34 million, stemming from the declining value of warrants.
Shares were unchanged at 10 cents in over-the-counter trading.