Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Regains More Ground

Friday was good news for Creative Edge Nutrition, Inc. (OTCMKTS:FITX) longs. The stock closed green in double digits again, 26% up by the closing bell. The price still has a way to go until it reaches its level before the crash but it’s showing an admirable ability to bounce back.

What makes the bounce interesting to watch is that it’s taking place on no observable PR or filing triggers. FITX is still keeping quiet about its plans concerning the zoning fumble in the town of Lakeshore. The chart crash was brought about by the Lakeshore council amending its zoning bylaws, basically telling FITX their facility needs to be rezoned from ‘agricultural’ to ‘industrial’, stating the site will not be grandfathered. Even though this amendment will need to be approved by the upper tier municipality of Essex, the news was enough to cause heavy selling.

Meanwhile, CEO Bahige Chaaban seems to have been on another trip to Ukraine, while investors were panicking about the situation in Lakeshore. FITX‘s Facebook page has been updated with a few pictures showing Mr. Chaaban receiving a Ukrainian honorary doctorate. Astonishingly, the doctorate was awarded for ‘cooperation’ between the USA and Ukrainian parliaments and the Ukrainian and Michigan chambers of commerce, among other things. What Mr. Chaaban has to do with the U.S. ‘parliament’ or the Michigan chamber of commerce will remain a mystery.

The company’s Facebook page also sports a classical conspiracy theory style of video made by FITX shareholders, presenting the events at Lakeshore as ‘Canna-Gate’. Why FITX would choose to publish this on its official social media profile is also unknown. If the company subscribes to the overall tone and commentary of the video, a more sensible option would be taking the Lakeshore matter to court, not reposting borderline passive-aggressive videos made by shareholders.

It remains to be seen whether FITX can keep moving up. Any official word on what the company plans to do about the Lakeshore situation would be welcome. A company representative quoted by the media stated FITX does not completely rule out moving operations entirely and setting up shop in a nearby town.