Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Jumps Back Above 10 Cents
The long holiday seems to have given traders enough time to recover their optimism towards the stock of Creative Edge Nutrition, Inc. (OTCMKTS:FITX) and yesterday it jumped by nearly 20% closing the day at $0.10. The intraday high of $0.11 was just short of breaking the 52-week high of the company of $0.1149 that was posted a couple of sessions ago. As a whole 115 million shares were exchanged throughout the session resulting in a dollar value of $12 million.
Although the performance was undeniably positive the stock showed some hesitation. It was just barely able to close above its opening price meaning that if left on its own it may start moving in either direction. Not to mention that a major part for the positive outcome played the PR released by FITX in the morning.
It informed investors that the company is going to host a shareholder open house at the location of their medical marijuana facility in Lakeshore, Ontario, Canada. The event is scheduled to begin at 5 pm this Friday followed by a press conference. Investors are anticipating some major announcement to happen but we will have to wait and see.
What is certain though is that FITX have their “ready to build” permit and the much-talked about facility is under construction. When it is finally completed the Canadian authorities will inspect it and then decide if the company is going to receive a license to grow the green plant.
With the hype and enthusiasm for the future of the marijuana industry running rampant it is imperative to remember that almost each and every one of the companies in it have nothing to offer at the moment except huge risks. FITX is no different with their 3.4 billion outstanding shares out of 3.5 billion authorized. Not to mention that their financial results for the fiscal 2013 were not exactly confidence boosting:
- $52 thousand cash
- $741 thousand total current assets
- $3 million total liabilities
- $2.3 million revenues
- $5.5 million net loss
Currently FITX have also been marked with the PINK limited information symbol on their OTCMarkets profile. It appears that the company was so busy it failed to submit the financial report for the first quarter of their new fiscal year within the required 45 day period.
Yesterday the stock of Tranzbyte Corp. (OTCMKTS:ERBB) surged on adding another 27% to its value and closing at $0.038. Medical Marijuana, Inc. (OTCMKTS:MJNA) is also climbing albeit at a slower pace. It closed 4% up at $0.328 per share.
