Creative Edge Nutrition Inc (OTCMKTS:FITX) is making a spectacular move up on huge volume after the stock hit a recent 52 week low of $0.0073. When a stock like FITX starts moving investors need to pay attention; it has a long history of EPIC moves running from sub pennies to over a dime this time last year.
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).
The long thesis on FITX points to a Company with a BOD 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.
On February 10 new CEO James L. Robinson issued the following letter to shareholders:
Dear Valued Shareholders,
I want to personally thank you for being a shareholder in Creative Edge Nutrition, Inc. I particularly appreciate those whose loyalty has kept them on board through the ups and downs of the past year; you have not gone unnoticed or unheard. I am excited to now announce major updates for the future of our Company and this letter begins to outline our intended vision and plans.
Creative Edge Nutrition has undergone a number of changes and challenges in the past few years. Our core business has historically been in the nutrition industry, and the introduction of energy products such as; drinks and our delicious tasting bars that will be in line with our core business strategies. The past management had a vision to refocus the company from the nutritional supplement industry to the medical marijuana industry.
As many of you are aware, the focus solely on the medical marijuana industry is the core strategy of CEN Biotech, Inc., which is in the process of being spun out of Creative Edge Nutrition via a form 10 while getting the financials audited by a PCAOB qualified auditor and we will release updates on CEN Biotech as we get them. Creative Edge Nutrition will have no relationship or ownership in CEN Biotech. We do, however, plan to offer an energy product containing legal active cannabinoids as part of our 2015 product launch. We will target the medicinal marijuana population and medical marijuana dispensaries with a very unique product that compliments and extends the marketing of our core energy drink product lines. To read the rest of the letter go here.
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.
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Right now is the season when pot stocks heat up and when they do FITX is one of the most explosive of them all. There are plenty of catalysts in play that suggest a huge 2015; according to a recent report from MMJ Business Daily, 2015 is expected not only to see more investment dollars flow into the market but it could even outpace the growth rate seen in 2014. States like Nevada, Illinois, Massachusetts, Oregon, and Alaska have all been identified as industry drivers this year. Furthermore, the rise in “big money” from some major investment funds has just started to hit the sector.
Previously FITX had planned 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 at the time that 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”
Then 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.’’
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.
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The shell came into being back in March, 2002 as Laufer Bridge Enterprises, Inc., as a New York Corporation. In July, 2009 Laufer entered into a share exchange agreement out of which the new Company, Creative Edge Nutrition, Inc., was born.
Creative Edge Nutrition, Inc., is a Pink Sheet stock that last filing was an 8k in May, 2012. According to their OTC disclosure statements they have a dire financial situation with just $110,000 in the treasury and $20 million in current liabilities. This has led to massive dilution over the past few years with OS increasing from 309 million in October 2010 to 3.5 billion as of January, 2015.
Currently trading at a $65 million market valuation FITX has managed to capture the imagination of small cap Investors like no other Company boasting nubme3rs like 12,500 followers on Facebook, 1,500 followers on Investors hub and 4,700 followers on Seeking Alpha last time I checked; it’s probably higher now. Longs point to a BOD like no other, with world recognized leaders in Medicine, and Global Finance building 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. FITX is one stock to watch.
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Disclosure: we hold no position in FITX either long or short and we have not been compensated for this article.