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Creative Edge Nutrition (FITX) faces public meetings, rezoning challenges: Mayor

Chris Parry Chris Parry, Stockhouse.com
12 Comments| May 14, 2014


Tom Bain, the Mayor of Lakeshore, Ontario, told a local news outlet Wednesday that Creative Edge Nutrition (OTO:FITX, Stock Forum), a company aiming to build what it has called the world’s largest medical marijuana production facility, would face public meetings and a zoning change before it can go ahead with its plans.
 
Talking to Ashton Patis of the Blackburn News, Bain was reported to have said, “We believe this application, from what we’ve been told, is going to be to include packaging, processing of the marijuana and the sale of it there. There’s also probably going to be an increase in the amount of acreage.”
 
Bain added, “They’ve acquired some other smaller pieces of property in the area too. I’m not sure how many, but I believe they have three or maybe four pieces of property.”
 
This contrasts with what Creative Edge CEO Bill Chabaan told followers on the company Facebook page Tuesday night, when he remarked “zoning isn’t a problem.”
 
Stockhouse reported Monday that company plans to be the world’s largest medical marijuana operation, which have been widely reported in the media, including in the New York Post, and even made it into a Seth Myers monologue on The Late Show, fly in the face of what Lakeshore officials have approved on the site.
 
Bain told Stockhouse the city had received no application to build beyond a permitted warehouse and agricultural fence, and that the city had given permission for an agricultural operation  up to 60,000 sq. ft in size, with five employees. Bain and other officials noted that the process to properly permit a ‘world’s largest’ operation, or even one larger than what had been already green-lit, could take up to six months and involve changes to local infrastructure that could be ordered at the expense of the company.
 
City official Kirk Foran wondered if the amount of water needed for an increased size and/or intensity at the site was even possible, given the supply available to the town.
 
When this reporter posed questions to Chabaan Tuesday night on this topic through the company Facebook page, the questions were deleted within the hour and access to the page removed.
 
Chabaan has made no public statement refuting Stockhouse’s specific allegations, though Chabaan did make a statement on his Facebook page saying, "We continue to work hand in hand with the Town of Lakeshore to address any future concerns. They have been amazing throughout this process. I thank the Mayor, Deputy Mayor, Council and all administrative staff who have been harassed by people fishing for problems which simply don’t exist. Thank you for being shareholders. GOD Bless Canada. GOD Bless America."
 
FITX stock is down 16% since Monday, and drifted 12% Wednesday before recovering half its losses.


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G4General
great investigative column for shareholders....something looks strange. Many shareholders would not be able to get acess to such information as you do Chris. Keep up the great work for the industry and shareholders
2.5 stars
May 14, 2014
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biloshi
Chris , 3 negative articles about FITX in a row! Soon bashing FITX will become a full time job for you!!!
3 stars
May 14, 2014
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TurdFurgeson
Ready to build press conference from january 8 alone proves you are full of poopy. Here it is: http://vimeo.com/m/83685127
2.5 stars
May 14, 2014
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TurdFurgeson
You were invited to do a face to face interview with Bill and you won't do it? Woowwwww...nbpl
2.5 stars
May 14, 2014
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GaiusOctavius
Savvy investors are buying cheap shares of C.WOF (Woulfe Mining). C.WOF is in strategic negotiations with Warren Buffett's company IMC part of the Berkshire Hathaway group of companies. Two scenarios could take place here. 1) Goodman's Dundee Corporation makes a buyout offer on Woulfe Mining. 2) Buffett's Berkshire Hathaway makes a buyout offer on Woulfe Mining.
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May 15, 2014
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Nathaniel
Chris what do you have to say about the video showing the Mayor and FITX on their plans on manufactuing medical marijuana? http://vimeo.com/m/83685127 ... Ah..hmmm..Article debunked!
2 stars
May 14, 2014
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objectivitytime
Hope your guru also told you not to let your ego get in the way of objectivity. The 50 employees came right out of the mouth of Mr. Bain. Windsor Essex is clearly behind this project unless they were lying through their teeth. http://vimeo.com/83685127 Economic development usually means just that, Jobs, Taxes and Infrastructure improvement. Name a small Town/Province in Canada with this economy for the last 5 years that does not desire all three. Defies logic unless your splitting hairs on ...
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May 14, 2014
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ohnonotagain
Chris can you clear up one point? I decided to contact the town of Lakeshore and I was told it was 6000sqft and five employees but I am now seeing 60000sqft. So maybe the 60Ksqft number comes from growing crops outdoors but you cannot grow medical mj outside. So is it possible to ask about the 60K versus 6K sqft. Thanks.
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May 14, 2014
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Nathaniel
No hidden agenda article, lol.
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May 14, 2014
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MarketLady
A $245 million market cap based on what???
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May 14, 2014
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