Creative Edge Nutrition Inc (OTCMKTS:FITX) posted a letter to its shareholders focusing on the status of CEN Biotech’s license application with Health Canada. From past one month, there have been numerous speculations linked with application submitted to Health Canada in September 2013. It is pertaining to get the license as a legal medicinal marijuana producer under dedicated MMPR program. The entity issued the company a “Letter of Intent to Deny” in the second week of February.
The proceedings
In the second week of March, CEO Bill Chaaban notified by Health Canada that it rejected the license application submitted by CEN Biotech. The license would have allowed Creative Edge to product medical pot under MMPR plan. However, the company stated that there was no internal research and assessment carried out.
The denial
Creative Edge said that license application was rejected due to the problem of mischaracterization in the media. The reputation of CEN Biotech was tried to hamper in the Court of public opinion. It is a serious matter and in any case the company will not accept the mischaracterizations in the media and the dissemination of false information to destroy its name of operations in the industry. It will take all required legal measures to obtain a licensure.
The problems
In the letter, Creative Edge’s CEO said that deliberately, due to the misrepresentations in media and false information circulated by certain groups and bashers planning to demolish the Company’s reputation, the company had to face the existing problem. The fraud activities have been carried out to gain monetary and political benefits. However, Creative Edge approached the federal court of Canada, which will further decide about CEN Biotech license application. The company expects things to change for better in coming period.
In last trading session, Creative Edge stock price declined 9.30% to close at 0.00780 with 8.54 million shares traded.
