Last Friday saw the share price of Creative Edge Nutrition Inc (OTCMKTS:FITX) decline 8% to close at $0.00790, when it became evident that the company will not get a license to cultivate marijuana from Health Canada. The news on the matter is present on Health Canada’s official site and seems to be quite final.
The turn of events isn’t all that surprising to people who kept a close eye on Creative Edge or done any due diligence on its operations since the pot boom began. It was much evident that Canadian officials wouldn’t allow the company run wild, with all the shenanigans it had pulled in the last year or so. The surprising part was the company’s reaction after the news hit the public. It took Creative Edge no time at all to take a protective step and opt for damage control mode. The investors are surprised with the kind of response the company had shown so far.
The press release
Creative Edge issued a condescending, appalled Press Release that seemed very offended. It claimed that no internal investigation was done in refusing the License, but rather it was a result of mischaracterizations in the media planned to destroy CEN Biotech’s reputation. The statement of company could be stated as an accusation towards Health Canada that it didn’t conduct due diligence process and only considered the factual misrepresentations and fraud circulated by certain news agencies and dishonest bashers looking to hurt the Company’s reputation.
The other details
Statements given By Creative Edge are why everyone, but the most avid marijuana-stock enthusiasts doesn’t seem to take the company seriously anymore. The participants who have done due diligence knows that Creative Edge wasn’t refused a license to cultivate because of bashers. It was not provided because listing down all of its shortcomings would take almost a ton of paper.