Creative Edge Nutrition (FITX): Medical Marijuana, Industrial Hemp & Dietary Supplements - Shareholder Recap


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03/17/2014 [ACCESSWIRE]

MADISON HEIGHTS, MI / ACCESSWIRE / March 17, 2014 / Creative Edge Nutrition, Inc. (PINKSHEETS: FITX), is a vertically integrated company in the business of medical marijuana, industrial hemp and dietary supplements. Its three divisions are stand-alone units with progressive developments occurring in each sector.   

Company Two-Year Recap:

Creative Edge Nutrition Inc. began as a health and lifestyle company. Bill Chaaban the current President & CEO started with the company in February 2012 and laid out his vision for the company- a vertically integrated nutrition company, which would market products through traditional distribution channels and directly to the consumer.   In April 2012, SCD Enterprises was acquired which owns http://www.worldclassnutrition.com/, http://www.supplementstogo.com/, http://www.a-z-nutrition.com/, and http://www.chesapeakenutraceuticals.com/.  These websites market and sell our very own Cenergy brand of nutritional supplements and most competing brands directly to the consumer.

Bill Chaaban, a licensed attorney in the USA and Canada began to canvass the Federal landscape for his company’s’ entry into the medical marijuana field.  Chaaban determined that the Federal landscape did not afford the legal sale of medical cannabis regardless of State Laws- as Federal preempts State.  Creative Edge Nutrition would stay true to its charter to ensure it did not violate Federal laws.  This led Chaaban and his team to develop Hemp based products in May of 2013 and formulas of which could be licensed to dispensaries in States to be utilized with THC- the creation of a new delivery mechanism in an edible form for patients and this was the entry in the MMJ Sector.

In June 2013, and opportunity presented itself as Bill Chaaban had canvassed the medical cannabis space in Canada. Canada was changing its Medical Cannabis program to a Federally inspected and licensed program administered by Health Canada.   Chaaban continued with months of research regarding the new program and its viable business model. He assembled a team of leading professionals in Law, Medicine, Pharmacology, Security and Law enforcement, information technology and Quality assurance and control.   The birth of the introduction of cGMP and USP797 in the grow and sale of medical cannabis would be born.  It was Chaaban’s intention to marry the laws which regulate the production of dietary supplements (GMP: Good Manufacturing Practices) and Drug manufacturing practices (cGMP or USP797) into the medical cannabis field in Canada.  A site was chosen and leased and an application was submitted in early September 2013 to Health Canada to sell and produce up to 1.3 millions pounds of Medical Cannabis per year through domestic sale and export. After months of clarification and review with Health Canada, on November 26, 2013 Health Canada issued a “Ready to Build Letter” to CEN Biotech, Inc. the Canadian subsidiary of Creative Edge Nutrition Inc.  Chaaban and his team intended to keep the project secret until a license was received but was “outed” by the local newspaper covering a City council meeting on medical marijuana zoning.

Chaaban knowing that his project required access to capital and growing equipment, his team entered into weeks of negotiation with Growlife Inc. Growlife Inc. would become the perfect collaborative partner for Creative Edge Nutrition Inc.  Chaaban realized that Growlife was the experts in the sale and infrastructure of Cannabis grow facilities and was also in the capital raising field through its GIFT program.  A collaborative partnership was entered into with Growlife, OGI, RXNB Inc. and CEN Biotech Inc.  Two pioneers in the field of Medical cannabis had joined forces. 

While developing the project for the Canadian market, Chaaban still eyed the US market.  With lobbyists on retainer, Creative Edge Nutrition Inc. canvassed its entry into the US market to potentially prepare itself in case there was a change in the Federal Law.  Michigan Law changed to allow the dispensing of medical marijuana in a pharmacy setting. The law also changed on a State level rescheduling marijuana as a schedule II drug, however, these changes to State Law were ineffective because they required a change at the Federal Level.  CEN Biotech Inc. (Michigan) was formed and entered into an agreement with RXNB Inc. to have a right to acquire a pharmacy license.  Chaaban was laying the groundwork for his company to legally dispense medical cannabis when the law would change. 

Chaaban’s vision of medical marijuana on an international scale began when he applied in his Health Canada application to be allowed to import and export Medical Marijuana around the Globe.  His team’s vision also included Hemp for almost one and a half years.  Chaaban began to research the Industrial Hemp market and made a determination that it was a potentially massive world market with few key players.  The US Congress passed the Farm Bill, which would allow the growth and development of Industrial Hemp. 

Through research it was determined that a company called Hemp Technologies Ltd out of New Zealand, USA and Canada which would be a viable partner.  The Company are pioneers in the Industrial Hemp field.  Chaaban and his team reached out to Hemp Technologies Ltd and began negotiation for the acquisition.   Creative Edge Nutrition Inc. acquired 51% of the assets of Hemp Technologies and would restructure the company globally. The magnitude of this acquisition is best explained in this recent news story from New Zealand:

http://www.stuff.co.nz/taranaki-daily-news/business/9835306/House-made-of-hemp

Creative Edge Nutrition Inc. would potentially become a grower and reseller of medical cannabis, industrial hemp and dietary supplements on a Global scale.

About CEN Biotech

CEN Biotech, Inc. was established in 2013 as a partially owned subsidiary of Creative Edge Nutrition (OTC Pink: FITX) for the sole purpose of supplying the Canadian public with pharmaceutical-grade medical cannabis under the newly established Marihuana for Medical Purposes Regulations (MMPR) CEN Biotech Inc. has submitted a comprehensive application to become a licensed producer (LP) of dried marihuana for medicinal purposes and has received a ready-to-build approval from Health Canada.

http://www.cenbiotechinc.com/

About Creative Edge Nutrition, Inc.

Creative Edge Nutrition is a holding company and a Nutritional Supplement Company focused on developing innovative, high quality supplements. The company offers a broad spectrum of capsules, tablets, and powders, as well as science based products in the principal categories of weight management, nutrition challenges, energy and fitness. The Company manufactures under strict GMP guidelines at GMP Certified and/or FDA registered facilities. http://www.cenergynutrition.com/ and https://www.facebook.com/CenergyNutrition

About Hemp Technologies

Hemp Technologies Ltd. is a vertically integrated hemp company that grows, processes and sells its hemp directly to the consumer and for industrial processing. In addition, it is instrumental in hemp home building and building materials, hemp spirits and food, and hemp pharmaceutical and dietary supplements.

http://www.hemp-technologies.com/

 

Safe Harbor Notice This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

FOR INVESTOR RELATIONS, Please Contact: William Swalm (212) 584-4342 Email: Info@cenergynutrition.com

 

Source: Creative Edge Nutrition, Inc.

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