web analytics
19.5 C
Munich
Friday, June 18, 2021

Is Creative Edge Nutrition Inc (OTCMKTS:FITX) Gaining Investors’ Attention?

Creative Edge Nutrition Inc (OTCMKTS:FITX) is moving lower in recent trading after the recent pop up. The stock continues to be one of the top most traded stocks on the entire OTCBB and boasts a very loyal following of investors.

FITX announced on November 19 their intention to Spin Off Canadian Wholly-Owned Subsidiary, CEN Biotech Inc. as well as the resignation of the entire board of directors and officers in the Company.

The news which completely changes the course of FITX moving forward lacks much important information and clarification and has left shareholders confused. It does state that current shareholders will both keep their shares of FITX and receive additional shares of the newly formed publicly traded company. The share distribution will be on a “pro rata basis” based on the number of FITX shares owned; more on this later.

Creative Edge Nutrition Inc (OTCMKTS:FITX) is a Nutritional Supplement Company that entered the pot business at the end of last year when they leased a six acre site with buildings in the Town of Lakeshore, Ontario, Canada.

At the time the Company established a partially owned subsidiary CEN Biotech, Inc. with the sole purpose of obtaining a licensure to build Medicinal Marijuana facilities adhering to all local legal requirements.

The plan was to build a 58,000 sq. ft. building to grow pot and make the property the largest, most advanced medical marijuana grow facility on earth. CEO Bill Chaaban said they plan to “‘Eventually expand that facility to more than 1 million square feet on multiple floors and within five years grow 1.3 million pounds of pot annually. That would translate to $5 billion a year’ in revenue”

Back in November 2013 FITX announced ”it has broken ground to start the build-out” This news was the initial catalyst that would drive FITX from illiquid in the subs to over a dime at its highs and easily the top most traded stock on the entire OTCBB. The problem has been from the beginning that the Town of Lakeshore wants nothing to do with FITX and has been dogging the Company on zoning since day one.

There has been incredible confusion on the issue much of it instigated by former CEO Bill Chaaban who continued to issue press suggesting the project was moving ahead full steam even as the Company lacked such basics as obtaining a license from MMPR (Medical Marihuana Purposes Regulations) and required municipal approval from the Town of Lakeshore.

On November 6 the Town of Lakeshore said on their website that ‘’the subject North Rear Road properties are zoned and designated Agricultural and the current structures are consistent with the designation and zone.  However, the growing or processing of medical marihuana at these sites would not be permitted under their current zoning.  An applicant would be required to apply for a Re-zoning of the site. They are not ‘grandfathered’ under the Council amendment.’’

We have the Inside Scoop on FITX, to find out what it is Subscribe to Microcapdaily.com Right Now by entering your Email in the box below

There seems to be some shareholders that are so vested in the idea that they want to continue to believe the Lakeshore project will happen touting minutes from a Lakeshore council meeting back in November of last year that says that FITX does have the correct zoning.

FITX announced on November 19 their intention to Spin Off Canadian Wholly-Owned Subsidiary, CEN Biotech Inc. as well as the resignation of the entire board of directors. They announced Mr. James Robinson, a noted entrepreneur in the dietary nutrition space as the new CEO and said they plan to focus on Nutrition.

Upon completion of the spin-off, all shareholders of Creative Edge Nutrition, Inc. will retain their shares in Creative Edge Nutrition while additionally getting shares in CEN Biotech Inc., which will be a new publicly-traded company. The distribution of CEN Biotech Inc. shares will be on a pro rata basis to the Creative Edge Nutrition shareholders based on the number of shares of Creative Edge Nutrition shares owned by each shareholder.

The ‘entire board of directors’ that resigned from the nutritional division are now the board of directors of CEN Biotech, the marijuana division.

FITX has built a massive following that includes 12,500 followers on Facebook, 1,500 followers on Investors hub and 4,700 followers on Seeking Alpha.

We have a Monster Pick Coming. Subscribe Right Now!

Like no other pot stock FITX was the most successful in capturing the imaginations and pocketbooks of small cap investors. At its height the stock was almost like a cult with shareholders selling t-shirts that said “FITX-Long” or “I-Billieve” (as in president and CEO of FITX, Bahige “Bill” Chaaban).

Currently trading at a $65 million market valuation FITX has never traded on fundamentals and it’s certainly not about to start now. As new CEO James Robinson takes the helm, shareholders are left wondering what happened in Lakeshore, Ontario.

Sign Up now for our 100% FREE Penny Stock Newsletter

Disclosure: we hold no position in FITX either long or short and we have not been compensated for this article.

More articles

5 COMMENTS

  1. The need to immediately legalize Marijuana nationally is one of the most pressing moral issues of our time.

    More and more present and former members of law enforcement agree, and have formed a rapidly expanding group of current and former police officers, FBI, DEA, and customs agents, and prosecutors, from all over the world, called LEAP — Law Enforcement Against Prohibition.

    Like the majority of Americans, I strongly support the immediate, complete legalization of Marijuana.

    But as a Scientist with a strong interest in Cancer research, I feel even more strongly about the need for its immediate legalization of it for Medical use, and the need to ensure that no Cancer patient is denied it, because I’m so impressed with its benefits for Cancer patients.

    I urge everyone reading this to PLEASE call and email the Attorney General, the press, Congress and the President today.

    Medical Marijuana not only helps with Cancer therapy, seizures, PTSD and chronic pain, but has helped countless Americans, including countless veterans, stop using Alcohol, and hard drugs, both legal and illegal ones.

    Every minute an American dies of Cancer.
    Every 19 minutes an American dies of a prescription drug overdose.
    Many vets become addicted to prescription opiates and die from them.

    NOBODY has ever died from smoking too much pot.

    Cancer patients are seeing remarkable results using high dose Medical Marijuana oil, in many cases achieving complete remission, even for stage 4 cancers, and every Cancer patient that uses Marijuana to ease their suffering benefits greatly from doing so.

    It is immoral to leave Marijuana illegal, for anyone, for even a second longer.

    For Cancer patients, its a matter of life and death.

    Cancer patients can’t wait.

    Medical Marijuana has an unmatched safety profile, and for people who suffer from so many diseases of so many kinds its a medical miracle, and the scientific evidence behind it is rock solid.

    For example, Medical Marijuana encourages apoptosis and autophagy of Cancer cells, while leaving normal cells untouched, is anti-angigogenic, anti-proliferative, and is anti-angiogenic.

    Its also synergistic with chemotherapy and radiation therapy, making both more effective.

    For many Cancer patients its meant the difference between life and death.

    For everyone else, its a far safe alternative to Alcohol, and infinitely safer than Cigarettes.

    Either take them off the market too, or legalize Marijuana right now.

    2016 is too far away, Its too long to wait. Every year we lose more Americans to Cancer than died in WWII.

    Between now and the 2016 elections, roughly 1 MILLION Americans will die of Cancer.

    And Its a horrible way to die.

  2. CEN in September put a press release out showing the Town of Lakeshore knew of the intentions and making claim the company did have the correct zoning. They went so far as to include the minutes from the town council meeting and highlighting the relevant sections in yellow highlighter.

    The company is correct but like many things, the devil is in the details. The company failed to mention that yes, they were in an Agricultural Zone but that zone also was zoned as Value Added. In short, this meant that crops grown on that site could have small amounts processed on site but they would be limited to 6000 square feet and five employees per shift.

    Of course investors, protecting their interests continued to twist the truth by stating that Health Canada does not allow for processing of medical marijuana and they are correct but again, the devil is n the details. Under the Value Added definition, packaging also is included so because CEN would be packaging and shipping to patients, they were caught under the Value Added clause. To get relief from these restrictions the company would have to file an zoning amendment application. Part of the process of the application is to engage affected residents and the town in a dialogue of negotiation and understanding as the process of building takes place.

    For example, the company would have to over a two week period, contact all residents and others affected within a defined distance from the facility (WHICH THEY DID NOT DO) as well as provide to the town a detailed plan not only of the activities on that site, but what utilities would be required in terms of water, sewage, gas, electrical (WHICH THEY DID NOT DO) in order for the town to determine if those activities could even take place.

    In short the company informed the town of their intent but failed to take the steps necessary to determine if those activities would be possible on that site. There is a difference between having the correct zoning (WITH RESTRICTIONS IN THIS CASE) and their existing the infrastructure to support the activities.

    Throughout the winter and spring and into summer the company Facebook page would tolerate no discussion on the zoning issue stating only that it had all municipal approvals. CEN quietly submitted a zoning amendment application to the town recognizing their need to do so. Two previous attempts by Bill’s cousin Jim, who receives monthly lease payments from the company failed to change the zoning to accommodate two different businesses on that same site. Despite the fact town and country officials were at the press conferences for both Jim’s movie studio and Bill’s largest medical mj facility in the world, issues remained blocking the progress. The town acknowledged receiving the zoning amendment application but noted it was deficient and was not considered.

    So rather than engage the nearby residents and the town prior to the construction or at least during the construction of the second building which is classed as a pole barn on the building permits filed by Bills cousin Jim, they completed the structure with zero input from nearby residents.

    There was no official engagement of the residents the way there would have been HAD THE COMPANY FILED THE ZONING AMENDMENT APPLICATION BACK IN DECEMBER OF 2013 OR EARLY 2014 NOR WITH THE TOWN IN ORDER TO FACILITATE THE TOWN DETERMINING IF THEIR NEEDS COULD BE MET UTILITY WISE.

    It seems a bit of a twist on Field of Dreams – if we build it, they have to approve us. Oh yes, legal non-conforming. That might work, might, if they get the license from HC prior to the zoning amendments referenced in your story coming into force which may be announced by Essex County. Had the company filed the zoning amendment application back when they knew they would have to, a lot of this mess could have been avoided and the picture much clearer.

  3. “FITX announced on November 19 their intention to Spin Off Canadian Wholly-Owned Subsidiary, CEN Biotech Inc. as well as the resignation of the entire board of directors. They announced Mr. James Robinson, a noted entrepreneur in the dietary nutrition space as the new CEO and said they plan to focus on Nutrition.”

    Did you purposely leave out the fact that the ‘entire board of directors’ that resigned from the nutritional division are now the board of directors of CEN Biotech, the marijuana division? Just wondering.

  4. Thanks for the excellent information James. Art there was no intenetion to leave anything out. I have updated the article to the effect that ” ‘entire board of directors’ that resigned from the nutritional division are now the board of directors of CEN Biotech”

    We write about a lot of stocks and always want to provide the best information possible. I will certainly try to incorporate the information that James has shared and anything anyone else would care to share on FITX in our next article on the Company.

    Post any info on FITX here.

  5. You Mention that FITX has never traded on the fundamentals. The reason is that when some one looks at the fundamentals they see a company that has a Board of Directors Like no other, with world recognized leaders in Medicine, and Global Finance. A company that is positioning itself to be the leader in many industries that support the Legal Cannabis industry, as well as that industry itself.
    The current valuation is many times less then the company’s true value, making it a must buy for anyone who understands the importance of Value.
    A Fundamentals trader would not trade in this, they would Invest. This is a Long Hold for anyone who recognizes that FITX, and The Spin-off, Cen Biotech is poised to be at the leading edge of this whole new industry.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Sign up now for our 100% FREE Penny Stock Newsletter

Privacy Policy. we will never share your email with anyone.