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Over 10 million in volume so far today. Volume may be drying up but that's because more and more longs are locking up shares every day. I know my position is nearly double since I first got into FITX.
I know this old news but I figured it wouldn't hurt to share for those that still seem to think that there will be issues with the town.
The following is a portion taken from the link below:
http://blogs.windsorstar.com/2013/11/12/another-firm-applies-to-grow-marijuana/
"The company declared its intentions in a letter to council as it is required to do as part of an application to Health Canada to be a licensed grower of marijuana for medical users. The proposed facility would be at Manning and North Rear roads, which is close to the OPP detachment at Manning Road and Highway 401.
In a letter to council, CEN Biotech CEO Bill Chaaban said the team putting together the application for a production facility includes lawyers, pharmacists, ex-police officers and municipal representatives."
Now if you read very carefully you will see that reporter states that the company declared its intentions in a letter to the council. Also the application for the production facility was put together by a team including municipal representatives!
Oh but I guess the town is still in dark on everything. They have no idea what is going on and help participate in a process that they have no idea what will happen.
“Welcome to Lakeshore,” Coun. Linda McKinlay said.
This one is even better!:
Coun. Dan Diemer said the proposed site next to the OPP detachment was perfect.
PERFECT! Not Bill's words but Council Member Dan Diemer's.
I think these two portions are very telling of the author's motive:
"Not one company out of these 12 is priced higher than it was on March 18th. What should you take away from this? While one might think it is sell on the moment you hear bad news, in fact, it is don't buy unless you plan to hold."
"I am a contrarian. I buy when stocks are down and sell when stocks are up. Investors like to do the opposite. I see this as a buying opportunity. Since Yellen, the halts, and bubbles bursting, I've done nothing but wait for stocks that I like to fall hard enough to find a great buying opportunity. Some of the stocks here are still 'overvalued' and may continue to fall. Others I think have great potential that investors have yet to notice. The sector can continue to slump as we go into the summer. But I am going to do my due diligence and find the real gems. And no matter what, I will always avoid the hyped plays."
There is clearly an agenda. He tells us we are playing with fire but then says he will play too if the price is right.
I agree with you in that I am oversimplifying the situation.
My point I was trying to make was that one of the reasons I found this company attractive to invest in is that there wasn't any serious threat of dilution. Some people complain on this board that there are too many shares outstanding. I say who cares! There won't be any more coming!
Although I admit there is always the potential of a reverse split or an increase in the A/S. No matter what a company states the potential is always there. I guess I am arguing against myself now so I think I will shut up.
I am in no way saying I am right with my opinion. I thought I was done with penny stocks that were not listed on a major exchange. I heard about the pot stock craze and FITX and checked it out. If I saw any kind of major room for dilution I would have in no way, shape, or form bought FITX. I been through the pennies that keep people interested all the while giving away stock like its candy. At least with FITX I don't nearly have to worry about that as much. It looked a lot safer to place my bet here than some other company with a billion out there and billions more to go.
Because the investment would be protected against future dilution. If you buy Company B and they issue 300 million shares then your investment just lost 60% percent of its value.
I know everyone is hating on the 3.4 billion shares that are out there for FITX but I am want to survey the crowds opinion:
Would you rather invest in Company A, a pink sheet company that has 3.4 billion shares issued out of 3.5 authorized, or Company B, a pink sheet company that has 500 million shares issued out of 1 billion authorized? Lets also assume neither company A or B are profitable and have little to no revenues.
My opinion is that I have been burned by plenty of OTCBB stocks in the past that had death spiral financing that issued tons and tons of stock so I would take the company A over company B.
I am seeing this correctly?
There is an ask of 13,050,000 shares at $0.085 by ATDF.
Any one else see it?
Couple of points I would like to make. The uplisting to an exchange points more and more to a spinoff of CEN Biotech in my opinion. This is the only way short term that they could move to a major exchange like NASDAQ. The real question then becomes what do FITX investors get in the spinoff deal?
Second point is more of a question than a point. Obviously I haven't done my DD fully yet on this topic but how many board of directors were there on the board before the two recently appointed ones?
I am not sure but aren't there board of director requirements for certain exchanges? Like you must have a minimum of seven board members or something to that effect? I think I found my own answer see below: (take from NASDAQ OMX requirements)
Independent Directors The company’s board of directors is required to have a majority of independent directors. 5605(b)
Audit Committee
The company is required to have an audit committee consisting solely of independent directors who also satisfy the requirements of SEC Rule 10A-3 and who can read and understand fundamental financial statements. The audit committee must have at least three members. One member of the audit committee must have experience that results in the individual's financial sophistication. 5605(c)
Question for anyone who can answer:
I used to OTCBB pennies about 10 years ago before investing in this company. A lot has changed since then. Can anyone recall another penny stock that had as much media exposure before? And by media exposure I mean reputable media outlets such as news papers (New York Post), magazines (Forbes) and not some online stock promoter making some fake looking newscast/pod cast/newsletter promotion.
No big deal you say but it one less thing people can say that Bill never followed through on. Let's just say that in penny land credibility can go a long way.
At lease once uplisted no matter how small the uplisting no can call us a stinky pinky any more.
Ooops didn't mean for this to be a reply. So assuming a license is granted I would like to speculate. Bear in mind my numbers are completely guesswork with some help from Google.
So building #1 is 27,000 square feet. If you take away 4,000 square feet for the vault and another 3,000 walkways and other miscellaneous space you have about 20,000 square feet left.
How many plants can you grow in 20,000 square feet? I don't know have the slightest clue. I will conservatively guess about 5,000 plants in building #1.
How much does a plant yield? Well it ranges depending on the type of lights used but a 600 watt lamp will produce a yield of about 150 grams per plant.
So a full harvest should produce at a minimum 5,000 plants x150g x $8.00 = $6,000,000.
Now how many times a year can they harvest that is the next piece of the puzzle.
I used the following link for some of the #s:
http://www.theweedblog.com/how-much-marijuana-does-a-marijuana-plant-yield/
This stock will never move to more than $0.10 a share in the short term. The problem is there are still way too many shares being held by people at sub penny prices. FITX needs revenues and without that we are looking at a holding pattern here.
Perhaps this is a poor comparison but are pharmacies (Rite Aid, Walgreens, etc..) required to have strict inspections prior to opening?
I only ask because I assume that those stores have a lot more addictive/harmful drugs in their possession on the premises but I don't think the security is nearly as much as required for CenBio's. Perhaps it is because the quantities of medicine stored on the premises are probably much greater in the case of a MJ grow-op?
And again I know it is a poor comparison growing and harvesting versus selling/dispensing already processed and packaged drugs.
This is for this past January. Data was obtained from www.wunderground.com/history.
Temperature Max Avg Min
Max Temperature 46 °F 24 °F 0 °F
Mean Temperature 39 °F 17 °F -6 °F
Min Temperature 34 °F 10 °F -13 °F
Compared to January 2013:
Temperature
Max Temperature 57 °F 34 °F 10 °F
Mean Temperature 50 °F 28 °F 6 °F
Min Temperature 45 °F 22 °F 1 °F
Here's a good year for warmer temperatures January 2006:
Temperature
Max Temperature 53 °F 41 °F 30 °F
Mean Temperature 47 °F 36 °F 26 °F
Min Temperature 41 °F 30 °F 21 °F
"CEN Biotech announced today that it has engaged Push Point Management Group (PPMG), to provide strategic corporate consulting and capital markets support to CEN Biotech’s management team. Under the scope of services, PPMG will implement a unique set of strategic initiatives that will be focused on generating shareholder value."
In other words we hired this company to pump the sh!t out of our stock. Not a big fan of PRs like this one. The only good news I guess is that they weren't paid with company stock although they could have seeing as there is some left before we max out the authorized.
My guess is that these are the guys who are going to help spruce up our hemp website and our other sites or at least give us a business strategy in doing so. I don't know their business description sounds awful wordy and doesn't say much of anything.
We honestly dodged a bullet here with PHOT. Honestly I don't fully understand the agreement with PHOT but I think they were going to pay us with their stock for the 25% stake. Bill had no choice but to terminate the agreement once they were halted because 1. the stock was going to be worth a lot less than originally thought and 2. once PHOT reopens on the grey market it is highly illiquid. Whether or not PHOT is legit, a scam, reputation shady whatever did not have as much bearing on the decision to terminate the agreement, in my opinion, because of the dollars that were being lost. In a nutshell it was a money decision pure and simple.
So if this deal was done when originally planned before being postponed then FITX would have given away 25% of CenBio for very little (i.e. halted near worthless PHOT stock). There is a chance that PHOT will rise like a phoenix from the ashes but as a CEO you can't take that chance.
No I am not, because if I was I would be at the Municipal building trying obtain an agenda for either the Essex County Council Meeting or the Committee of Adjustment.
If there is no agenda item for Creative Edge I would take that as even worse news in my opinion as then there is still no resolution to the stern letter debate that continues on and on.
For the sake of everyone invested in FITX (myself included) I would like nothing more to see this project finished and the company start entering the growing stages.
I have invested as much as I feel comfortable with and even feel like I have bought a little too much at this point. There is too much uncertainty at this point. You can see it the stock price that will continue to languish. The hype period is over and everyone is realizing that this stock isn't going to go through the roof over night (myself included). Any update at this point would be positive but there is no update.
I would be bold enough to say that even with a license this may spike to $0.20 but sadly it will settle in the $0.15 range. There are simply too many shares out there at this point. To claim that a license would make this a $0.50 stock is outrageous without revenues to support that. Hey if I am wrong I am wrong and I hope it goes even higher. I just don't see the demand being all that great in initially in Canada. I here long term and believe if the everything I have read, seen, researched and speculated on is true this stock and company will get there--in time.
I don't have a link. There is none posted but I do believe there is agenda seeing as it is the day before the scheduled meeting and I am in the process of trying obtain it through either fax or email.
How is this pure BS? There is an issue slated on the agenda for the committee meeting and you call that pure BS.
Then you still drink the Kool-Aid that there were no issues at with the construction then why the f**k are they even on the agenda!?!?
The title of the thread was CEN BIotech Compliance issues posted about 4 hours ago by dogbone14.
Here is the link although I cannot guarantee it will work:
http://finance.yahoo.com/mbview/threadview/;_ylt=ApeWz1YcjJgoCgC5My3pdGbeAohG;_ylu=X3oDMTB2OWFnODMyBHBvcwM3OARzZWMDTWVkaWFNc2dCb2FyZHNYSFJVbHQ-;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3?&bn=4c9cb7d3-b6d1-3090-a8a4-bc6a88d471b9&tid=1397567054700-746cb530-ac4b-4c75-90d9-e751c248bce7&tls=la%2Cd%2C59%2C3
It wasn't my info hence why I presented the topic on this message board, because I saw it being discussed on Yahoo and was trying to figure out if the info I saw there posted was legit or not. I would think someone local in the area is able to get the agenda even if it wasn't posted on the town's site. The dates of all the meetings are posted.
On the Yahoo board there is a thread that states that FITX is slated on the agenda for a council meeting tomorrow night. Anyone got the link for the agenda?
No doubt they can. Anything can be insulated and heated but with regards to the time frame of completing the projects you just tacked on another few weeks of construction in my opinion. That puts Bill way past the time frame he provided of when the construction project should be completed.
Please forgive my ignorance but can someone who is in the know about growing answer me?
I look at the facility they are constructing -- a pole barn. Which is all cool and all but then I think about the where this facility is located -- Canada. I mean just think about the frigid freezing winter we just had. Does it occur to any one else on here that the a pole barn without heat would be a tad too cold to grow MJ?
I guess they have the lights and all and maybe that is enough to keep the plants from freezing but I remain skeptical. We just a thought I was having so if there is a grow expert on here please inform me.
I was pretty gunho for Bill and FITX when I first bought in, but now I feel like I am slipping in to the middle ground as well.
The Facebook posts are just too much as it is probably the worst way you could ever communicate with your shareholders. It is all done in the name of transparency but then come to find out even with all the transparency there are still questions to be answered things that make you think twice!
In my opinion this should have never been an issue in the first place. Who goes about executing a business plan without planning and asking proper questions? You know like minor things like zoning issues that could potentially derail your whole project!
To me it look's like Bill dropped the ball big time on this one.
So how much MJ can you grow without electricity or water? Someone please explain that one to me.
"It’s the town’s contention that the barn cannot be outfitted with electricity, water, sewer, a vault or even bathrooms under the property’s current agriculture value added zoning. A barn is supposed to be for storage of farming equipment or farming product."
Thank you for informing me. That clarifies things a bit and now I will go back to waiting to see what happens next.
Ok so I guess one fact here needs to be verified which neither you nor I have done so and that is does what FITX intend to do with the facility require a change in zoning.
You agree with me that the site is agriculturally zoned. You state that the processing, storage, and delivery would make it industrial. I firmly disagree.
If I were a potato farmer and I grow potatoes on the land, harvest them, sort them (weeding out bad/deformed ones) and then store them overnight in my barn before delivering them to businesses that need them such as super markets that is exactly what FITX is doing only with a different type of crop.
Perhaps a cow farm would be an even better example because they actually it temporarily in large metal containers before a tanker truck comes and picks it up.
So please explain to me why a change in zoning is required again?
Please inform me as to why a zoning change is required.
The property is already zoned as agriculture correct? Are they not growing a plant (marijuana)? Is that not considered agriculture?
How else would you zone the property? Industrial? The fact that they post the term "marijuana production facility." That's laughable as there is no manufacturing involved in the process. Just growing and harvesting and shipping - same as with any other crop that can be grown. Again maybe I am wrong but I just don't see it that way.
Ok everyone that doubts FITX is legit please help me understand something and help me with my logic.
If I listen to the posts about zoning and permits and agree that they don't have what they need then logically I have to look at what FITX/Bill are trying to do. So assuming the permits and zoning is not as it should be then I must look the outcome of the situation.
If the outcome was just to pump and dump worthless restricted shares as some have concluded then what happens after all the pictures of all the construction and building is completed? What is the companies next step? They could PR that the construction is complete which may give a short rise in the PPS but then what after that? A press release to state that they have applied for a request for inspection (knowing that approval will never come)? Then the questions of when and excuses of the delay but inevitably the price/demand for stock would go south fairly quickly. I don't think they could sustain a cover-up/pump and dump for more than two months from where we stand now.
Do you really think when the final pictures are posted of a 2nd completed pole barn structure and there is no next step of production that Bill won't be addressed? Does the company just go silent and disappear? What could Bill possibly say? "Oh sorry I forgot to apply for the write zoning/permit so now we are out of business?"
I ask this because I want to hear how those who doubt Bill and this company see things transpiring once the building is complete because I don't see any discussion in that regard. I know no one can predict the future but I would like see the opposition's side of what happens next.
For all those who still wish to contest permit issues and the like--I have witnessed this in my hometown first hand at what can happen when you try to run a business without the proper permits and complete renovations to property.
Please take the time to read the story linked below. It is textbook as to what would happen to the owners of the property should they try and move forward with a project without getting the proper permits, zoning etc..
http://www.nj.com/hunterdon-county-democrat/index.ssf/2013/08/motion_to_enforce_removal_of_c.html
I only linked one of the latest articles published which summarizes things adequately and I cannot post all the details but if you followed the story from start to finish you get a pretty good idea what transpired.
And if you still believe I am wrong I would like to know why?
My biggest concern/hurdle with this company is why use FITX? What I mean why not just start with a fresh company that has a better reputation? Just for comparison look at Tweed. They don't have any of the authorized shares issues to deal with and will have an initial higher/more trust worthy starting price with their IPO.
Wouldn't Bill have been better off keeping FITX as is and starting a new company called something else with a different share structure? He could have IPOed all the money he needed to get this project going but now we have this money coming from sources unnamed.
And don't give me that this fits with their nutritional supplement business because it doesn't in my opinion. People who buy any of their supplements can't buy any of their MJ unless they are prescribed which is a very, very small population.
I mean I sure would like to know I am missing something and I would like to buy more but this question nags me every day.
Does anyone know the status of this company? Is E-Rex still in business? Do they still have employees?