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.
Cannabis businesses face opposition from anti-marijuana advocates worried about the drug falling into the hands [click to continue...]
Nearly 40% of the 519 businesses that applied for medical cannabis business licenses in Nevada [click to continue...]
Florida is having a hard time figuring out rules for its CBD industry. The state [click to continue...]
Dispensaries in Maine sold an estimated $16.2 million worth of medical cannabis last year, while [click to continue...]
Oregon could keep medical marijuana completely separate from recreational cannabis when retail sales begin next [click to continue...]
Missouri has joined the growing number of states legalizing CBD-based medicines. The state awarded cultivation [click to continue...]
Dispensaries and retail cannabis stores in Colorado sold nearly 150,000 pounds of marijuana flower last [click to continue...]
Recreational marijuana has dominated headlines out of Washington DC this week, as the use, possession [click to continue...]
A company that got turned down for one of the Illinois’ 21 medical marijuana cultivation [click to continue...]
A financial services firm that plans to serve the cannabis industry has secured $2 million [click to continue...]
Alaska marijuana entrepreneurs who want to specialize in infused products or extracts will have to [click to continue...]
With private marijuana use on track to become legal in Washington DC on Thursday barring [click to continue...]
Oregon is facing an interesting question tied to its medical marijuana law: Should evicted cannabis [click to continue...]
Institutional investors will put money into cannabis stocks this year, though many publicly traded MJ [click to continue...]