Like many if you, for my own piece of mind, I’m trying to analyze the events with FITX/CEN over the past week. I have read and reread what I think is a carefully worded letter to shareholders several times.
I found it helpful to recap the past week to analyze the whole picture:
2/13 – FITX/CEN received communication from HC regarding CEN’s MMPR application (it is speculated to be a “Intent to Reject Letter from HC” but we do not know that for certain)
2/13 – Someone within HC Leaks information to media late Friday after the markets close
2/14 - G&M Publishes article that defames FITX/CEN and claims CEN’s MMPR application is “Rejected”
2/16 – Stock Market Closed (Presidents Day)/Canadian Holiday (Family Day)
2/17 – Stock Market Opens…FITX stock tanks -42%
2/18 – FITX Stock continues to slide -5%
2/19 – CEN Biotech Inc. updates shareholders acknowledging it has been asked to provide additional information to Health Canada in support of its application to operate under the federal government's Medical Marijuana Purposes Regulations (MMPR)
So the $70M question is what “requested information” was contained in the letter and is this “information” easy to provide within the 20 day timeline?
What we do know…
• CEN Leadership has communicated to shareholders and acknowledged that additional information was requested by HC (we can assume it was through an “intent to reject letter,” but they did not communicate the specific type or name of the communication)
• CEN informed us that HC violated Canada's Privacy Act
• CEN has contacted the Office of the Privacy Commissioner to ensure the corporation, staff, shareholders, and others within the MMPR continue to be protected under Federal Law
The Supreme Court of Canada mandated the federal government's Medical Marijuana Purposes Regulations (MMPR), CEN has cooperated fully with all of Health Canada's requirements to date and will continue to do so. It is making every effort to answer any and all questions to Health Canada's satisfaction.
In my Opinion, IF at the end of this 20 day period, CEN’s MMPR application is rejected and the company’s stock further declines, CEN is confident they could file a legal case against Health Canada and could easily quantify damages. The net result, I believe HC will do everything in their power during this 20 day period to work with CEN to correct any deficiencies defined in this communication to HC’s satisfaction and they will ultimately provide a License to CEN. Again, just my opinion.
I found it helpful to recap the past week to analyze the whole picture:
2/13 – FITX/CEN received communication from HC regarding CEN’s MMPR application (it is speculated to be a “Intent to Reject Letter from HC” but we do not know that for certain)
2/13 – Someone within HC Leaks information to media late Friday after the markets close
2/14 - G&M Publishes article that defames FITX/CEN and claims CEN’s MMPR application is “Rejected”
2/16 – Stock Market Closed (Presidents Day)/Canadian Holiday (Family Day)
2/17 – Stock Market Opens…FITX stock tanks -42%
2/18 – FITX Stock continues to slide -5%
2/19 – CEN Biotech Inc. updates shareholders acknowledging it has been asked to provide additional information to Health Canada in support of its application to operate under the federal government's Medical Marijuana Purposes Regulations (MMPR)
So the $70M question is what “requested information” was contained in the letter and is this “information” easy to provide within the 20 day timeline?
What we do know…
• CEN Leadership has communicated to shareholders and acknowledged that additional information was requested by HC (we can assume it was through an “intent to reject letter,” but they did not communicate the specific type or name of the communication)
• CEN informed us that HC violated Canada's Privacy Act
• CEN has contacted the Office of the Privacy Commissioner to ensure the corporation, staff, shareholders, and others within the MMPR continue to be protected under Federal Law
The Supreme Court of Canada mandated the federal government's Medical Marijuana Purposes Regulations (MMPR), CEN has cooperated fully with all of Health Canada's requirements to date and will continue to do so. It is making every effort to answer any and all questions to Health Canada's satisfaction.
In my Opinion, IF at the end of this 20 day period, CEN’s MMPR application is rejected and the company’s stock further declines, CEN is confident they could file a legal case against Health Canada and could easily quantify damages. The net result, I believe HC will do everything in their power during this 20 day period to work with CEN to correct any deficiencies defined in this communication to HC’s satisfaction and they will ultimately provide a License to CEN. Again, just my opinion.
