Creative Edge Nutrition Inc (OTCMKTS:FITX) was recently denied the opportunity to operate its Lakeshore, Ontario-based medical marijuana facility. The move didn’t come as a major surprise for most people who had been following FITX for any amount of time. The company and Health Canada always had issues right from the beginning, raising doubts about whether it would be granted a license to operate its CEN Biotech facility. However, troubles for FITX go the failure to obtain license for CEN Biotech to its $20 million debt.
Creative Edge Nutrition Inc (OTCMKTS:FITX) had hoped that clearance to operate its medical marijuana in Lakeshore would open it up to a wide range of opportunities in the legal cannabis field. The company touted its Lakeshore facility as the most advanced medical cannabis facility in the world. Following the licensing disappointed for CEN Biotech, the development has complicated matters for FITX. The company has a debt of $20 million on its books, which is the major concern for the management, especially given that FITX only has minimal revenue and assets currently.
Even though Creative Edge Nutrition Inc (OTCMKTS:FITX) lacks strong assets portfolio or large revenue, it still has to repay the debt. The managed hasn’t disclosed how they plan to go about the debt issue, but what is clear is that FITX expressed deep disappointed over Health Canada’s refusal to grant it license to operate CEN Biotech.
Creative Edge Nutrition Inc (OTCMKTS:FITX) is the umbrella of two business units namely CEN Biotech and CENERGY Nutrition. CEN Biotech is a subsidiary focused on the actual production of medical marijuana beyond derivatives like CBD and cannabis-based edibles.
On the other hand, CENERGY Nutrition is focused on the production of sports nutritional products. CENERGY Nutrition products are sold through various outlets including online. The company’s focus is one supplemental nutritional line of products.
Matter before court
The licensing dispute between Creative Edge Nutrition Inc (OTCMKTS:FITX) and Health Canada is currently before court. Views are divided as to whether the company could be granted its wish or not.