Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Doubles in Two Sessions
After another frenzied session, Creative Edge Nutrition, Inc. (OTCMKTS:FITX) effectively more than doubled its share price in two days when the closing bell rang yesterday. The ticker moved a whopping 243 million shares and climbed almost 67%, stopping at $0.044 per share.
So why did everyone decide to go to town with the ticker after the extended market weekend? Apart from an overly enthusiastic attitude towards the pot sector that is buzzing like a beehive, there are a few extra factors that likely propped FITX that high.
The company is set to present at the ArcView conference. ArcView is an angel investor group focusing on the marijuana sector. Full coverage of the event will provide further details but hopes are running high, possibly unreasonably high, even before full coverage of the presentation and the outcome have been provided.
Additionally, on Tuesday, when trading resumed in the new week, FITX updated their Facebook page with a photo of the company’s CEO standing next to the CEO of Growlife, Inc. (OTCBB:PHOT). The image was padded with a comment implying that FITX will likely soon be a beneficiary of PHOT‘s planned GIFT program. GIFT is PHOT‘s effort aimed at financing small marijuana startups who are denied funding by banks under federal law.
Even though the text does not state directly that FITX will be a beneficiary of the GIFT program, there is strong implication that this will likely be the case. Disclosure of such information through an outlet such as Facebook instead of a press release or some other formal channel is not exactly the best thing to do from an ‘insider information’ point of view. This could have also assisted the surge of FITX and the boost PHOT finally caught in yesterday’s session.
Medical Marijuana, Inc. (OTCMKTS:MJNA) trailed FITX and PHOT who led the pot-stock pack in the last session. MJNA managed to put on a good 16% and arrive to a close of $0.22 per share, boosted by fourth quarter figures published in a press release ahead of their annual report.