Creative Edge Nutrition Inc. (OTCMKTS:FITX) Ascends On Good News
Creative Edge Nutrition Inc(OTCMKTS:FITX) closed at $0.054 yesterday, driven up by the news that it has entered in collaboration with Growlife, Inc. (OTCBB:PHOT).
It is clear how news that two major players on the marijuana market are joining forces can drive investors to buy. The only irregularity in yesterdays market development is the fact that FITX has jumped 17.39%, while PHOT has managed only 5.49%. Despite the fact that they were tagged as FITX-related, both of the press releases that were issued on Wednesday were focused on PHOT and its subsidiary – Organic Growth International, LLC.
Said subsidiary seems to have acquired 25% of the stock of another company – CEN Biotech, who, in turn, has just passed the inspection of Health Canada and its facilities. It was estimated that CEN Biotech would be capable of producing 1.3 million pounds of dried marijuana annually, so it is clear how its agreements with Organic Growth have the potential to affect both PHOT and FITX beneficially. If all the well-wishing in the press releases turns into reality, the announced development could certainly turn into a major step forward for all parties involved.
However, investors should keep in mind that although the press releases speak of “Ready to Build stages”, millions pounds of product and so on, no reliable information about the steps being taken in this direction has actually been filed officially. In addition, the only thing that does become clear from both press releases is the fact that CEN Biotech isn’t even licensed to legally produce cannabis yet.
In summary, all that potential traders have to go on at the moment are a few boastful statements of company officials, some wordy press releases and a couple of stock alerts by promoters. Nonetheless, the fact that more than 3700 trades were registered means that FITX investors have obviously found the promise that “a full 8k detailing the Agreement will be released” convincing enough to commit.
Potential buyers would do well to remember the unimpressive numbers in both PHOT‘s and FITX‘s financial report. Investors should know that this marijuana project is unlikely to generate revenues any time soon is in order. There is also the possibility that it fails to turn profitable fast enough, or fails alltogeather.
While FITX was flying high on the news, other companies plummeted to the bottom of the charts – Medical Marijuana Inc, (OTCMKTS:MJNA), the most traded company in the marijuana branch, crashed -14.78% yesterday.
