January 3, 2014

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.


3 Comments:

  1. They did not receive authorization from Health Canada to be their licensed producer. In fact, yesterday on Facebook, they admitted that they only applied to be their licensed producer so whomever told MMJBusinessDaily that they’ve been authorized as one of Health Canada’s Licensed producers is lying.

  2. I hear u Canuck. while i wish fitx well,, they sure spin a huge web of lies and suspicion

  3. So is it one big sham, or is it going to happen??

Post Your Comment:


Please note:
Comments are moderated by our editors who do their best to approve comments ASAP. As MMJ Business Daily is focused on business, we approve comments that are specifically relevant to industry professionals. General opinions and questions about cannabis may not be posted.

Licensing Delays Frustrate Canadian MMJ Applicants

Flag_of_Canada.svg

Delayed application reviews and tightening regulations are frustrating prospective Canadian medical marijuana business owners and [click to continue...]

Illinois Releases Final MMJ Application Forms

Aspiring cannabis entrepreneurs in Illinois now have access to official license application documents. The state’s [click to continue...]

I-502 Ban Passes First Test

A judge in Washington State has upheld a municipality’s authority to ban marijuana retailers, though [click to continue...]

Chicago Suburbs Debate MMJ Regs

24609568_l

As the impending September timeframe looms for medical marijuana businesses to apply for operating permits [click to continue...]

Marijuana Vending Machine Comes to Denver

A medical marijuana vending machine generating plenty of buzz in the media has made its [click to continue...]

Colorado City Awards 21 Rec Shop Licenses

The third-largest city in Colorado awarded 21 licenses for cannabis shops on Thursday, paving the [click to continue...]

$25M Infusion for Kiosk Company

dollar

More good news on the financial front for cannabis businesses: A company that sells self-service [click to continue...]

DEA Cements Plan to Boost Cannabis Production

For four years, the Drug Enforcement Administration has allowed the federal government to grow a [click to continue...]

Another Lawsuit Over Dispensary Licensing in Massachusetts

The Massachusetts dispensary licensing process has evoked the ire of several applicants who feel that [click to continue...]

Advocate: Paraphernalia Sales Legal Under Florida MMJ Bill

marijuana pipe

Florida’s medical marijuana ballot measure will create an overlooked business opportunity: paraphernalia sales. Currently, it’s [click to continue...]

WA Retail Stores Fight Price Gouging

Washington State recreational marijuana shops have had it with the sky-high prices licensed growers are [click to continue...]

Investors Welcome 2 New Canadian MMJ Stocks

Two Canadian cannabis cultivation companies saw their share prices soar on the first day of [click to continue...]

Colorado Rec Tax Structure Safe for Now

coloradocannabis

Taxing recreational marijuana sales is a tricky business, as a Denver judge pointed out in [click to continue...]

Medical Marijuana Industry Burgeoning in WA Town

The town of Port Angeles, Washington, has experienced a marijuana boom in 2014. But the [click to continue...]