Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Finds New 9-Month Low

After being slammed into the ground on Lakeshore worries and then making a faint attempt at recovery, Creative Edge Nutrition, Inc. (OTCMKTS:FITX) took another hit yesterday, dropping to a new 9-month low. FITX shifted 25 million shares in yesterday’s session, stopping at $0.015 by the bell.

The company has not posted news about any developments surrounding its facility in Lakeshore, Canada. Last week’s crash was caused by a decision of the town’s council to amend its bylaws, prohibiting the operation of any kind of marijuana facility on agriculturally zoned land. This means that now FITX will have to either apply for re-zoning, move the facility or take the matter to court, as the town council’s decision explicitly states FITX‘s facility is not grandfathered.

Neither of the options seems particularly favorable to the company. The licensing procedure managed by Health Canada is obviously slow and ponderous enough as it is. FITX had the pre-license inspection of their facility on the last day of July. In the three months that followed, there was no license handed out to FITX or any other company on the huge list of applicants waiting for the greenlight.

Additionally, as of the date of pre-license inspection FITX did not have its glass growing pods ‘in place’, meaning a re-inspection would be needed once the actual pod units are installed. No mention of this was made ever since the announcement of the original inspection.

The company’s fiscal year is September 30, so FITX won’t be among the companies filing quarterlies this week. Investors will hopefully be able to get the annual on time, before 2015 comes around.