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Saturday, July 2, 2022

Technical Insights on Creative Edge Nutrition Inc (OTCMKTS:FITX)

Creative Edge Nutrition Inc (OTCMKTS:FITX) continues to trade strong after the stock collapsed last week after the Town of Lakeshore Town Council meeting. Since then FITX has recovered big time. Investors still remember the spectacular run this one made earlier this year from $0.002 to highs of a dime.

Creative Edge Nutrition Inc (OTCMKTS:FITX) is a holding company and a Nutritional Supplement Company focused on developing innovative, high quality supplements. The company offers a broad spectrum of capsules, tablets, and powders, as well as science based products in the principal categories of weight management, nutrition challenges, energy and fitness. The Company manufactures under strict GMP guidelines at GMP Certified and/or FDA registered facilities.

CEN Biotech, Inc. was established in 2013 as a partially owned subsidiary of ERBB for the sole purpose of supplying the Canadian public with pharmaceutical-grade medical cannabis under the newly established Marihuana for Medical Purposes Regulations (MMPR). CEN Biotech Inc. has submitted a comprehensive application to become a licensed producer (LP) of dried marihuana for medicinal purposes and has received a ready-to-build approval from Health Canada.

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Back in November the Company leased a six acre site with buildings in the Town of Lakeshore, Ontario, Canada. There is a 26,400 square foot (240’x110’) steel barn and a 2,000 sq. ft. building located on the property. CEN Biotech, Inc.’s purpose of incorporation is to produce and sell medicinal marijuana in jurisdictions where it is allowed by law.

This site is unique as it is conveniently located next to the Ontario Provincial Police, County of Essex detachment.

Bill Chaaban, CEO stated at the time “As a nutrition company, our primary purpose in business is to promote the health and welfare of our customers. We have been actively seeking projects to add to our corporate portfolio that will make an impact on the everyday lives of our current and future customers. It is our corporate directive to acquire and develop projects that will accomplish this goal while leading to shareholder value.”

On October 4 FITX announced: CEN Biotech Releases Lakeshore City Council Documented Evidence Substantiating Company Is Fully Compliant With Zoning Bylaws.

As CEN Biotech Inc. continues to work with all parties to aide in the transparency of the confusion brought forth by many in the last week or so, we are also able to offer the following information on previously proposed and passed resolutions before the Town of Lakeshore in late November, 2013.

Contrary to various media reports in the last week, including a national media story on CTV News with the Mayor of Lakeshore, those meeting minutes confirmed the knowledge of a 58,000 sq. ft. facility that was and has been constructed not only to the appropriate building codes and by-laws, but in complete accordance with zoning and our MMPR application. We also addressed various other concerns at that time such as vapour and odour removal and prevention, security concerns, traffic, etc.

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Like many in the sector FITX trades at a high market valuation of $149 million down significantly from the $300 + million this one traded at during the height of the last pot rush.

Conclusion: FITX continues to be one of the top traded stocks on the entire OTCBB market. When pot stocks get hot FITX explodes and that’s exactly what buyers at current levels are anticipating. With Marijuana now legalized in Alaska, Oregon and Washington D.C the industry is going to get a ton of publicity and could easily blow FITX sky high again!

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

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