Companies are lining up to apply for pharmacy licenses in Michigan in order to sell medical marijuana.
Creative Edge Nutrition Inc.’s (OTCPINK: FITX) is one of them.
The Madison Heights, Mich.-based company’s stock volume soared Mar. 4, with 335,000,794 shares changing hands, more than twice its three-month average of 106,140,076 shares.
First Right to Purchase Pharmacy License
The surging stock volume was fueled in part by Feb. 26 news of a partnership agreement between Creative Edge and RXNB Inc. for the first right of purchase of a pharmacy license in the State of Michigan.
Under the agreement, CEN Biotech Inc. is positioned to establish a gateway for distribution of naturally occurring pharmaceuticals in acknowledgement of Michigan Senate Bill 0660.
Senate Bill 0660 recognizes the sale of pharmaceutical-grade cannabis through licensed facilities; allowing under certain circumstances, the regulations of possession and use of pharmaceutical-grade cannabis by certain individuals. Effective Dec. 30, 2013, the bill has become law, passing both the state’s Senate and the House successfully.
“Senate Bill 0660 is in line with our philosophy that medicinal marijuana is a controlled substance that must be recognized for its medicinal properties, which requires a licensed individual & entity to dispense to the patients accordingly, for various ailments,” Creative Edge’s CEO Bill Chaaban said, in a written statement.
The agreement will allow for Creative Edge Nutrition to conduct business at the patient dispensing consumer level in the State of Michigan.
Canadian Medical Marijuana Venture
On Jan. 9, Creative Edge inched closer to approval by complying with the Canadian government’s regulations on tracking 1.3 million pounds of medical marijuana annually. The medical marijuana is to be distributed by Creative Edge’s wholly owned subsidiary CEN Biotech.
Creative Edge cleared this obstacle by using a new state-of-the-art M3Hub Seed-to-Sale tracking platform, which meets and exceeds Health Canada's tracking compliance regulations. This news comes less than two months after Creative Edge broke ground on its new 58,000-square-foot future Medical Marijuana distribution center, which will be attached to the company’s current 26,400-square-foot facility.
Health Canada forecasts that there will be half a million medical marijuana users in Canada in 10 years, but Creative Edge’s CEO Chaaban told Forbes Magazine Dec. 30 that with the availability and the assurance of consistency of the product it could only take two years for users to reach that magnitude.
A Potential Windfall – Operative Word ‘Potential’
These forecasts point toward a potential windfall for Creative Edge and other companies like them, if the Canadian government grants the Michigan-based company the final approval to sell medical marijuana in the country.
On Mar. 4, FITX shares closed at 8 cents up 1 cent from its closing price of 7 cents the previous day.
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Marijuana Update
In other news, Gold Coast Mining Corp.’s(OTC Pink: GDSM) stock volume skyrocketed on Mar. 4 with 1,524,351,449 shares changing hands, more than nine times its three-month average volume of 84,515,587 shares.
Company Strategy Explained
The surging volume of the Wilton, Ct.-based one-time mining company was obviously fueled by a Mar. 4 press release in which the company outlined its future legal-marijuana plans in the following press release:
1. “The company received a revised term sheet from Gelpid, our judgment holder, yesterday and is being reviewed. The company believes that good progress is being made.
2. In conversations with one of Gelpid's principals and through additional due diligence into the marijuana industry, the company believes that opportunity exists to participate in the growth via acquisition/construction of “turn-key” grow facilities, as well as, retail dispensary locations. Both would have identical looks to create a recognizable brand for roll out into other locations/states as laws are changed.
3. Given the capital required to pursue this strategy, the company, via its subsidiary, would propose to be the general partner and raise capital from private investors. Obviously, the company would retain an interest and control the brand.
4. This real estate strategy would complement the private business or be a standalone business line.
5. The new subsidiary is being worked on with the company's legal advisor
6. Lastly, the remaining four items have not been supplied to the company's auditors. The blame is squarely on the CEO and this will be accomplished by next week. The audits are a critical piece of the overall strategy. “
On Mar. 4, GDSM share value closed at 0.0016, down 0.0017 cents from its closing share value of 0.0033 cents the previous day.
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No New Updates
Meanwhile, Medical Marijuana Inc. (OTC PINK: MJNA) hasn’t made any major announcements since Feb 5 when its subsidiary reported that it was expanding the global sales base of its industrial hemp-based cannabidiol (CBD) oil.
Still, Marijuana’s continues to employ a formidable diversified strategy in order to establish a foothold in this burgeoning industry.
For example, on Jan. 31 the San Diego holding company said that it had entered into an agreement with an unnamed company to sell Medial Marijuana’s anti-aging cream through the unnamed company’s in-home sales force.
According to the release, the first purchase order from the home-based business organization will be $1,072,251 in products that will ship before the end of the first quarter."
This positive news came a few days after Medical Marijuana announced its newly-formed subsidiaries would be providing armored transport services for companies in the cannabis industry.
Marijuana Inc.’s subsidiary, Wellness Managed Services, has gained this capability by purchasing a 50% stake in MPS International.
Cannabis Security Issue
In a written statement, MPS International’s CEO Mike Roberts outlined some specifics about the new armored marijuana transport service.
“Large amounts of product will be moved from grow to wholesaler, warehouse, testing facilities, bakeries, infusion laboratories and finally to retail locations,” Roberts said. “Post transaction, and especially right now with federal regulations prohibiting FDIC insured banks from offering financial services to cannabis industry businesses, large amounts of cash will need to be transported between parties securely as this creates an easy target for predators and competing businesses,” he added.
Potentially Lucrative Opportunity
In the release, Roberts went on to outline the potential opportunity that existed for providing armor transportation for currently legal cannabis businesses. He pointed out that there are now about 448 dispensaries in Colorado alone, while in California there are an estimated 2,700 dispensaries, co-operatives, wellness clinics, and taxi delivery services.
“Using an average of one armed security officer working 10 hour shifts, 7 days per week billing at the industry standard of $25/hour armed, 52 weeks per year, annual gross revenue created by just 11 locations is more than $1,000,000 for just static physical security,” Roberts explained.
Once the company establishes this footprint, it says it will evaluate other cannabis markets such as those in Canada.
On Mar. 4, MJNA share price closed at 29 cents, unchanged from its closing price of the previous day.
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Source: Accesswire IA (March 5, 2014 - 11:14 AM EST)
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