Creative Edge Nutrition Inc (OTCMKTS:FITX) has been facing quite a bit of problems lately. A judicial review for their 58,000 sq. ft facility is pending in the Canadian High Court and the company has been receiving attacks from the media as well. Consequently, the company has issued a number of letters to its shareholders in recent days clarifying the news items. The clarifications from FITX have been somewhat effective, since the stock has been climbing in recent days. The facility was purchased for a new subsidiary of the company CEN Biotech, with which FITX intends to build the world’s most advanced medical marijuana facility.
The review by HC is very important for the company, since the final decision would decide the financial fate of the company. If the review were to go in the favor of CEN, the company would find itself with a chance of progressing upwards. However, if it goes against CEN, the company has $20 million in debt, racked during this process, which needs to be paid somehow. Currently, things seem to be going south for CEN, since the media has not been very supportive. There have been a number of stories circulating in the newspapers about CEN that portray them in a bad light.
The news items had affected the company’s stock as well and CEN had to release letters to shareholders to make things stable again. In one of the recent letters, the company pointed out that a reporter by the name “Grant Robertson”, from the “Globe and Mail” has been running a campaign on misinterpretations about the company. The attacks have been seen as an attempt to destroy the company, financially. The letter also stated that the accusations against the company president, Bill Chaaban, and the accusation that the company is following a pump and dump scheme are all false.
Creative Edge Nutrition Inc (OTCMKTS:FITX) closed at $0.0066, dropping 2.94% on closing of April 13. The company currently trades a whopping 3.48 billion shares in the market, with a 52 week range of $0.01-$0.10.