Creative Edge Nutrition Inc (OTCMKTS:FITX) addressed a letter to its shareholders discussing on CEN Biotech’s license application with regulatory body Health Canada. From past few weeks, there have been speculations related with the company’s license application submitted to ‘Health Canada’ in September 2013. The license approval must have transformed the company into a legal medicinal marijuana producer. Sadly, the company failed to get the license under MMPR program. Instead of approval letter, the company received a “Letter of Intent to Deny” in February 2015.
Health Canada notified Bill Chaaban, the Chief Executive of denial of license in the second week of March. The regulator stated that they have rejected the application of CEN Biotech. It was a severe setback for the company and its shareholders who were quite confident to get the approval. In the reply to denial, the company claimed that the regulatory body didn’t carry out any internal research and assessment process.
After the denial of license by Health Canada, Creative Edge said that several external units tried to mischaracterize the company’s reputation in media. They tried to harm the company’s reputation in the Court of public opinion. The matter needs utmost attention. The company will take required legal measures to get a license from Health Canada. In addition, it will not accept the dissemination of false news and mischaracterizations attempts.
Creative Edge’s CEO highlighted the fact that certain groups knowingly misrepresented the company in media. They tried to spread false to harm the Company’s reputation. It is due to bashers and certain groups that Creative Edge had to face application rejection problem. These groups have intentionally carried out these activities to get monetary and political benefits. The company approached the federal court of Canada to review the decision.
In last trading session, Creative Edge stock price surged 2.56% to close at 0.008 with 8.8 million shares traded.