Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Tries to Stabilize
The stock of Creative Edge Nutrition, Inc. (OTCMKTS:FITX) is turning out to be one of the very few marijuana pennystocks that is not headed down for the bottom of the chart. The company was able to make a full recovery after the industry-wide blow that was the suspension of Growlife, Inc. (OTCMKTS:PHOT) and for the last three weeks has been fluctuating between 8 and 9 cents per share, a price range not that far away from its 52-week high of $0.1149.
Thanks to its swift and decisive actions FITX was able to mitigate the impact of PHOT‘s suspension which should have been far greater due to the funding agreements between the companies. Just one day after the SEC stopped the trading of PHOT‘s shares FITX announced that they have rescinded all of the agreements thus severing any ties between them.
Still, FITX needed the influx of fresh funds that should have come from PHOT because their own financial state is far from encouraging:
• $18,9 thousand cash
• $859,3 thousand total current assets
• $4,6 million total current liabilities
• $303,7 thousand revenues
• $1,4 million net loss
• $859,3 thousand total current assets
• $4,6 million total current liabilities
• $303,7 thousand revenues
• $1,4 million net loss
Another point of concern should be the fact that FITX have burned through 3.4 billion out of the 3.5 billion authorized shares. That is why the news that they have managed to secure an alternative private financing was even more important. For now the only information about the deal comes from the April 11 PR which said the FITX sold 25% stake in the CEN biotech subsidiary, which carries the marijuana growing operations of the company, for $20 million.
Nearly a month later there have been no official filings covering the deal and we will see if the financial report for the first quarter of 2014 that is supposed to be filed any time now is going to shed more light on it.
Yesterday FITX announced that they have bought another site that is going to be be used as a research and development facility for their marijuana plans and according to the company they will file for its pre-license inspection in a couple of weeks. At the end of April they notified the Canadian authorities that their main facility is ready for the pre-license inspection but it could take quite a while before it is 
completed.
completed. This will be just the first step towards receiving a license to grow marijuana in Canada and investors should keep it in mind. In early trading today FITX plunged downwards by close to 10% but are now climbing back up currently trading at $0.080. After making a significant jump during yesterday’s trading the stock of Terra Tech Corp. (OTCMKTS:TRTC) is down by 2% at the moment sitting at $0.480.
