Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Retreats Down the Chart
The last few sessions were not too kind to the stock of Creative Edge Nutrition, Inc. (OTCMKTS:FITX). The share price of the company lost a cumulative 20% over the last three market days.
Investors following the pot sector in general and FITX shareholders in particular are expecting news concerning the final licensing of the now-legendary MJ grow facility near Lakeshore, Canada. The stupid licensing prank someone pulled off and posted on both investor forums and FITX‘s official Facebook page has now thankfully been duly moderated and the objectionable content – taken down.
There is still no official word from the company on the license. Considering a flow chart of the licensing process FITX published, there is just one final, twofold stage left – pre-license inspection and security clearance. The company announced applying for pre-license inspection back on the last day of April.
Health Canada made headlines a couple of days ago. The institution seems to be having a bit of trouble processing the massive influx of new marijuana company applications. According to official spokesperson Sara Lauer there were a total of over 850 applications pending as of late May. Of those, 370 were returned as ‘incomplete’, around 150 were refused and 30 more were withdrawn by the applicants, leaving the tally at exactly 289 pending applications.
The process is obviously time-consuming, as Canadian media reported complaints from businesses who were all geared up with no one to inspect their sites. With this information in mind, it may be a while before FITX gets on top of that queue of nearly 300 applicants, as its current position is not known. It’s never a good thing when the waiting game extends further in time but at the very least in this instance it looks like the company is not to blame.
With 13 applicants already approved and licensed and nearly 300 more in tow, FITX is in a strange position. A large part of the commotion surrounding the company was the grand design according to which FITX was building the “world’s largest and most advanced” cannabis production facility. It turned out it won’t be the world’s largest, after CEO Bill Chabaan interviewed by Chris Parry denied making any such claims in an official PR. This makes FITX a contender with an unclear competitive edge in a race already finished by a few and currently run by many.
Other pot stocks that made the top of the most heavily traded OTC Market companies yesterday include Terra Tech Corp. (OTCMKTS:TRTC) who gained another 18% and closed at $0.65 per share, making up lost ground. Cannabis Science, Inc. (OTCMKTS:CBIS) put on a solid 38%, assisted by a few new pump emails.