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 Marijuana 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.

CO Awards $250K Grant to THC Breathalyzer Developer

A Colorado company attempting to develop THC breathalyzers is getting some help from the state [click to continue...]

Missouri to Start Taking Hemp Cultivation Applications

Hemp

Cannabis growers of a different stripe can begin submitting applications to the Missouri government next [click to continue...]

Backlash Sinks Proposed Edibles Ban in Colorado

Colorado edibles manufacturers can let out a sigh of relief. A proposal on Monday to [click to continue...]

3 Chicago Dispensary Hopefuls Get Local Green Light

Several businesses have taken a big step forward in their quest to open medical marijuana [click to continue...]

San Francisco Delays Decision on New Dispensary

SanFrancisco

San Francisco, which was at the forefront of the medical marijuana movement a decade ago, [click to continue...]

Oregon Judge: Towns Can Ban Dispensaries

An Oregon judge has decided that towns and counties have the right to ban or [click to continue...]

Medical Marijuana Inc. Files $100M Lawsuit Over ‘False’ Claims

Medical Marijuana Inc. has filed a lawsuit in California against several businesses – including a [click to continue...]

WA Puts Sales Data for Rec Businesses Online

WashingtonCannabis

Want to track sales of individual marijuana stores, cultivators and processors in Washington State? Easy [click to continue...]

Cole to California: Regulate the MMJ Industry

The author of the 2013 Cole Memo has a clear message for California: “If you [click to continue...]

Former Israel MMJ Exec Tapped by Cannabis Consultancy

A national cannabis consulting firm has brought on a key architect of Israel’s medical marijuana [click to continue...]

14 Marijuana Labs Participate in ‘Proficiency’ Test

Testingmarijuana

Yet another sign that the marijuana industry is maturing: 14 cannabis labs from across the [click to continue...]

San Diego Approves 1st Dispensary

Let the rebirth of San Diego’s medical marijuana industry begin. On Wednesday, the city granted [click to continue...]

CA City Cuts Power, Water to Dispensaries

Can medical marijuana dispensaries continue operating without electricity and water? In Anaheim, California, the answer [click to continue...]

Nearly $14K in Daily Revenues for Seattle Rec Shop

Uncle Ike's

The Emerald City’s second recreational marijuana shop is rolling in the green. Uncle Ike’s, which [click to continue...]