Creative Edge Builds Out Second Medical Cannabis Facility
Ryan Allway
May 12th, 2014
News, Top News
[stockchart symbol=”FITX”]
Creative Edge Nutrition Inc. [stockquote symbol=”FITX”], developer of nutritional supplements and an aspiring medical marijuana grower, recently announced that its CEN Biotech Inc. subsidiary purchased a second facility to grow medical cannabis under Canada’s MMPR. The 25-acre site in Lakeshore, Ontario is located about a quarter mile from its main location and will house a cGMP/USP 797 facility.
“We purchased the site with the intentions of operating a research and development facility with respect to strain genetics, new grow techniques, and bio-medical research,” said Creative Edge Nutrition President & CEO Bill Chaaban. “It has been our intention to not only grow and sell medical marijuana, but to be leaders in the forefront of medical marijuana research.”
The company’s medical advisory board, including Dr. Sam Alawieh and Dr. David Felten, have been tasked with identifying treatment modalities for specific disease states based on strain selection. After finding these strains, the firm hopes to develop and own the intellectual property surrounding them in order to build long-term shareholder value that goes beyond just growing.
CEN Biotech Inc. was established in 2013 as a partially owned subsidiary of Creative Edge Nutrition to supply the medical marijuana in Canada under the newly established MMPR. The subsidiary has submitted a comprehensive application to become a licensed producer of dried marihuana for medical purposes and has received ready-to-build approval from Health Canada.
Health Canada expects the number of patients authorized to use medical marijuana to grow from 40,000 today to upwards of 400,000 over the next ten years. With over 600 applications from hopeful licensed producers, the health agency expects MMPR to generate about $1.3 billion in annual sales by 2024.
Shares of Creative Edge Nutrition were trading down roughly 1% in early trading on Monday morning, but are trading up over 1,500% so far this year.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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