U.S. Firm Gets Tentative Nod to Tap Canadian MMJ Market
Michigan-based supplement company Creative Edge Nutrition could become the first U.S. firm to distribute medical marijuana in Canada.
The company has received tentative approval from the country’s health department to grow, distribute, import and export medical marijuana and seeds via its Canadian subsidiary, CEN Biotech, according to Creative Edge CEO Bill Chaaban.
CEN Biotech is currently building a $16 million, 58,000-square-foot cultivation facility in Ontario. It could begin distributing medical cannabis in late summer or fall after it receives final approval.
Canada recently opened up its medical marijuana industry to the free market, which has created immense opportunities for U.S. businesses.
Creative Edge – which recorded $2 million in revenue during the first half of 2013 – expects to generate roughly $100 million annually in sales in five years, in large part because of the Canadian expansion.
Chaaban told Forbes that the company will begin distributing seeds to other countries including Mexico, Iran and North Korea – though how he would actually do so is unclear.
Creative Edge (ticker symbol: FITX) trades for roughly a penny on the pink sheets.
Is the legalization of recreational marijuana in Colorado making the state less attractive to businesses [click to continue...]
With Monday looming as the deadline in Illinois for medical marijuana business applications, a number [click to continue...]
A subsidiary company of Warren Buffet’s Berkshire Hathaway conglomerate is is reportedly exploring the waters [click to continue...]
A ballot measure to legalize possession of marijuana in Wasington D.C. got a boost on [click to continue...]
Washington State is warning dozens of applicants for recreational marijuana business licenses that their chance [click to continue...]
A Colorado marijuana edibles company is under increasing heat as a lawsuit filed against its [click to continue...]
The Marijuana Policy Project (MPP) is using a now-infamous first person account of excessive cannabis [click to continue...]
Mjardin Management isn’t exactly an original idea, given that it’s a consulting and management company [click to continue...]
If Republican Bruce Rauner had his way, Illinois’s 60 medical marijuana dispensary permits and 21 [click to continue...]
Although recreational marijuana proponents often argue that legalizing and taxing cannabis will help undercut illegal [click to continue...]
An attempt to ease the lack of banking services for Colorado’s cannabis industry may prove [click to continue...]
Should states rely on chance to decide who gets to produce medical cannabis? A Florida [click to continue...]
A Democratic state senator in New York is planning to introduce a bill next year [click to continue...]
Illinois is keeping information about applicants for medical marijuana business permits completely confidential, ostensibly to [click to continue...]