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.

Young Voters Could Make or Break Legalization Measures

Photo for medical marijuana election

The success of several marijuana measures on the ballot next week could ultimately hinge on [click to continue...]

Estimate: Legal Rec Sales in DC Could Create $130M Market

The cannabis market in Washington DC could top $130 million annually if the city legalizes [click to continue...]

67 Warnings, Penalties for MJ Violations in Washington

When it comes to recreational marijuana, enforcement of the law is no laughing matter for [click to continue...]

Oregon Rec Legalization a Coin Flip

marijuana election

Recreational marijuana could be a nail-biter in Oregon on Election Day. A poll released this [click to continue...]

Chile Plants First Medical Cannabis Crop

The first legal medical marijuana plants were seeded in Chile on Wednesday as part of [click to continue...]

Maryland Delays Vote on MMJ Regs, Plans to Lower Fees

A Maryland commission postponed a final vote on medical marijuana regulations, saying the 15-member panel [click to continue...]

Super-Potent Strain a Top Seller in WA

Medical marijuana regulations, cannabis laws and general MMJ news

High-potency strains are a big hit with customers in Washington State’s new recreational market, it [click to continue...]

CO Company Sues Shareholder Over Trading Halt

A publicly traded cannabis company has filed suit against a major shareholder, alleging he caused [click to continue...]

Expert: Liability Lawsuits Next Challenge for Edibles Companies

A Seattle attorney warned hundreds of industry insiders at a business conference on Tuesday that [click to continue...]

‘Very Large’ Raid Operation Targets Denver Cultivation Sites

Denverpolice

Police officers and federal agents raided multiple marijuana growing operations in Denver on Tuesday, saying [click to continue...]

Former FBI Official Joins Cannabis Company’s Board

Medbox Inc., a publicly traded software and consulting firm that makes marijuana dispensing machines, has [click to continue...]

NM Marijuana Grower Loses Bid to Reopen Licensing Process

Mark Springer really wants to grow medical marijuana in New Mexico. So much so that [click to continue...]

Florida MMJ Campaign Tells TV Stations to Pull Ad

UnitedforCare

The group behind Florida’s medical marijuana ballot measure has sent a cease-and-desist letter to local [click to continue...]

Group With Ties to Koch Brothers Promotes Marijuana Candidate

A candidate in the North Carolina U.S. Senate race is getting some help from an [click to continue...]