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40,000 people is a large market? Really? Better off selling hockey sticks. What percentage of the 23 million people in Canada are going to be regular users of mmj? The prediction is 400,000 in ten years. Right now Canada has more than enough pot to satisfy the market. Bodrocan BV, which by the way has been licensed since January, is building 2 large facilities in Canada. Do you really think everyone is saying we cannot wait until FITX gets a license and starts growing 1.3 million lbs of pot? There is and will be more than enough pot to go around whether or not FITX grows 1 lb or 1.3 million lbs.
And so that means FITX is getting a license and has a large percentage of a small market waiting for their product. Or is it a bunch of stock market newbies can afford to pay 5 cents for a share of stock.
I made over 2000% on this stock and sold. Why? The market for MMJ is not that big and is already saturated. So they say they are going to export. Where Mexico? Too late. All legal places already have grow facilities. With all the large facilities being built by players in the business FITX is done whether or not they get a license or grow 1.3 million lbs of pot. The prediction now is 3 dollars a gram in a year or so.
I based my decision on the market. The market cannot bear all the entries into the business and FITX is way behind.
No idea. But many mj stocks were up today.
Nice. Bill is in contact with HC market development team.
HC marketing team most likely needs a lawyer as there is a shortage of lawyers in govt.
Have they inspected cen bio's facility yet. What has it been over 3 months since the application? Ya HC is all about giving out more licenses. Definitely a reason for the delays. Bill acted like HC could not wait to give FITX license. As if they would be moved to the front of the line.
Maybe they mention tweed as they are the only publicly traded mmj producer with a license. Maybe they should mention FITX entering the trillion dollar hemp market. LOL. Or building the largest grow facility LOL. Or how about the FITX insurance company. LOL.
FITX is running out of money and time. Time to issue another billion or 2 of stock.
Really, So there is not a court decision next year regarding the changes in the mmj laws? Time to start thinking instead of hoping. Everyday I see these license coming soon posts. One is claiming tomorrow. How many times has that poster been wrong. There is definitely something going on when HC stopped issuing licenses. This article is explaining why no licenses have been granted.
Nice read. No more licenses until February of 2015. There is not a marijuana shortage and the licensed producers can handle current demand. No need for FITX. Dead in the water. Load up on those shares.
I have not seen any filings except for the one in May when FITX reported the partial sale of the business as revenue.
I thought the facility was going to cost 20 million. At least that is what Bill reported. 3 million alone on security.
my question is how much money does FITX have? How much longer can they operate at a loss, pay their bills, hire workers and pay them, and spend the money to start the growing process.
They have issued billions of shares and that money is gone. Sold a percentage of the business to get capital. What happens when the money runs out?
When are they launching. I have been hearing this since January. The competition has launched.
Medical marijuana: Wait for the smoke to clear before investing Add to ...
Grant Robertson
The Globe and Mail
Published Thursday, Jul. 24 2014, 5:51 PM EDT
Last updated Thursday, Jul. 24 2014, 7:37 PM EDT
The stock market is no place for the medical marijuana industry – at least until companies can show investors they won’t get burned – according to one of the largest Canadian growers operating in the new sector.
Executives at privately owned Tilray, based in Nanaimo, B.C., say there is too much regulatory uncertainty and not enough clear financial data to predict with any level of certainty where the industry will be several years from now.
hat lack of clarity – reminiscent of the early days of the dot-com sector – leaves the door open for investors to be taken by promises of lofty profits and growth, which will only hurt the credibility of an industry trying to establish itself.
“I know some are legitimate players, but there’s no data, there’s no metrics. This is a new industry, a new regulatory environment. The mechanics aren’t completely fleshed out yet,” said Christian Groh, partner at Privateer Holdings Inc., the venture capital firm that owns Tilray.
“The demand [from investors] is there – we all understand that. But you’re talking about basic business fundamentals that aren’t even established yet. And for people to go out on an exchange and to put out press releases, or to say they’re going to do something, it’s disingenuous. … Quite frankly, I think it hurts the industry.”
They are the first comments from a company inside the industry voicing its opposition to going public, at a time when dozens of firms have been pursuing initial public offerings, reverse-takeover listings, or selling shares in the over-the-counter market to capitalize on appetite from investors looking to get in early.
Canada moved to new regulations in April, allowing for licensed production and sales of medical marijuana, which lets users with prescriptions buy from producers who are licensed by Health Canada. That change has resulted in a rush of companies looking to get into the space, and a surge in medical marijuana-related stocks popping up.
Tweed Inc. became the first Canadian company to do an IPO in April, with a facility based in Smith Falls, Ont. Meanwhile, Aphria, a Southern Ontario firm headed up by the former chief executive officer of vitamin giant Jamieson Laboratories, has plans for a forthcoming listing. While Tweed is traded on the TSX and Aphria expects to list there, smaller firms trading on junior exchanges and in the over-the-counter markets have raised concerns.
Last month, a Canadian securities watchdog issued a warning about firms claiming to be in the medical marijuana business, urging investors to be wary, though it did not name names. “In many of these cases, just the announcement of intent to develop a medical business has resulted in an immediate rise in a company’s stock price,” Canadian Securities Administrators said in a statement.
“Investors should be aware that companies cannot legally conduct a medical marijuana business without a licence from Health Canada, and that there is likely significant time and cost required to obtain such a licence.”
The Canadian warning came after the U.S. Securities and Exchange Commission froze several stocks trading on the over-the-counter or “pink sheet” market this year, and the Financial Industry Regulatory Authority warned about “pump and dump” schemes surrounding penny stocks.
“A lot of these companies are doing it for the wrong reasons and we just philosophically don’t agree with it,” Mr. Groh said.
There have been 30 deals and stock listings in the medical marijuana sector in Canada and the United States in 2014, according to a report by PricewaterhouseCoopers LLP.
Mr. Groh said Privateer has no desire to raise money on the public markets and is instead looking to acquire firms with legitimate operations. Seattle-based Privateer has its roots in the tech sector as a venture capital investor, but Mr. Groh said the firm prefers the private equity model for the medical marijuana industry, and is looking to acquire and help operate the businesses in which it invests.
Sources close to the industry said Privateer offered to take a significant stake in Aphria but was rebuffed. Mr. Groh would not discuss names, but said Privateer is seeking further investments in Canada. The name Tilray was selected by the same branding company that helped name the Starbucks coffee chain. The company, which operates a 70,000-square-foot facility in B.C., is looking to open or acquire a second, larger facility in Canada as it ramps up production.
Companies looking for growth in the medical marijuana business are generally pursuing a dual strategy: For now, the firms are setting up to supply the high demand expected in the coming years for medically prescribed marijuana. Longer-term, they are also gambling on the possibility that it could one day be legalized for recreational use, similar to alcohol.
But as the industry looks to gain credibility as Canada formalizes the regulations governing the medical side of the business, Mr. Groh said the sector can’t afford to have controversies involving stocks that are not credible, forcing regulators to issue warnings. “It’s already a taboo industry enough,” Mr. Groh said. “This is just another [problem] that makes it more complicated.”
Where are they heading? Are they going to go and get whats left of the 27,000 mmj users in Canada. So who are they going to sell all this pot too that they claim they can grow? Or are they going to tap into that trillion dollar hemp market that is in reality 500 million. Reminds me of Obama. A ton of promises with little delivery. Is Bill the hope and change guy in the MMJ market?
I know. They will set up an insurance company and pay the claims by selling stock. This stock has very little up room but a lot of down room.
Do you really believe this company is worth 175 million?
Has HC inspected the property yet? Have not heard if that has happened. I might have missed something.
Have you even considered the competition that has more experience and has a license and a product. Bedrocan BV is building 2 facilities in Canada and has decades of experience. Going public in August. Abattis Biocueticals has a large facility and is awaiting a license and has a market cap under 6 million.
Sure FITX can get a license and grow Marijuana they have a market cap that is too high. Also a license does not automatically make one a player.
There are many giant grow facilities being built and in place. There are much better investments. You never addressed the competition. Something that needs to be addressed in any market.
Very Funny!!!
Tweed is not the best investment but much better than FITX. Fitx will get a bounce when they get a license but it will be short lived when all the insiders start dumping their shares. Tweeds market value is also 60 million less than FITX which tells me FITX is overpriced as they currently have no product or license. Tweed has both.
They are not having city council meetings to decide how to best accommodate FITX. They are having city council meetings to determine how to regulate the marijuana business or decide whether or not to allow that business. My guess is they will allow that business but they are going to impose regulations that the business will have to abide by.
I am not sure what all the cheer leading is about the stock price when it has plummeted in recent months. The people that bought at a dime are not up 1000%.
I bought this thing at .0004 and dumped it at 8 cents. Here is why. Bill selling shares after he said he would not. Big lie. Largest growing facility, which I believed and that is why I bought the stock, another big lie. There are companies such as Bedrocan BV who have been growing, selling, and importing for decades. Will go public in August. Suggest you sell fitx and buy that stock. Not to mention they have been licensed and selling in Canada since January. Are building two facilities in Canada.
Another big one is the fact that the spot picked is not zoned for what Bill claims to want to do and he just forgot to tell the shareholders that. But his cousin is happy to get the 25k a month.
If you really think the license is going to make FITX billions a year in revenues you are wishing on a star. The competition is fierce. Many companies with a history of growing are their competitors. A license does not guarantee huge revenues or profits.
Another reason I bought the stock is it was the only publicly traded company to be in the growing business. Not anymore with Tweed and Abbatis being publicly traded and Bedrocan and Aphria planning to go public. These are all better options than Fitx and these companies will get a bigger part of the market share.
Of course this is with the assumption that FITX will have a product by next year.
I understand the FITX hype when shareholders own 500,000 shares. The thought is the will get a license the stock will go to a buck. That would give FITX a market cap of 3.4 billion. The estimated Canadien mmj market is 1.4 billion in 2024 and is 140 million now. FITX would have to get 100% of the market to even come close to justifying the market value. I just do not see it. A lot of competition and they are already behind.
FITX is the only company in Canada that will get a grow license, grow weed, and sell weed. Yep. Then they will become the biggest pot facility in Canada and they will get all of the 2024 piece of 1.4 billion dollars.
Sorry folks. FITX is behind and the market value is nowhere near 170 Million.
Exactly. There is a lot of competition out there. Could fitx become a major player. Yes. But as of now they are on the sidelines waiting for the hc license. Waiting for the next city council meeting in September. Meanwhile their competition is in business.
What do these fitx cheerleaders think? All the stoners are waiting for fitx. They could care less about fitx.
I think fitx is a good buy at about 3 to 4 cents a share and right now it is a little overpriced.
Maybe you out to go to lakeshore and tell them it will not stink as this is one of the concerns raised by people in the town. I would not think it is a big deal but I do not live in Lakeshore. People on this board are bringing up the issues going on in Lakeshore and yes the Mayor did say it will happen but he is not the only vote. He also said it would take 3 to 4 months before the issues are ironed out. That means 3 to 4 more months before FITX does what FITX wants to do.
Some the people on here are great at ignoring what is actually happening. I think fitx will get a license and will grow marijuana. But that may not be until next year and the competition has a step on them and it is not as easy as bill has made it sound. He is misleading and has not addressed all the issues with the shareholders. Selling his stock did not help.
I bought fits at .004 cents and sold at 8 cents for a nice profit. I may buy it again.
That is a ridiculous comparison. 2 different markets legal and illegal. I am guessing the Mexican cartel does not have to pay taxes, licensing fees, adhere to environmental laws, and doe not have to hire someone to fill out the piles of paperwork required by Health Canada.
From that read it looks like they can get a license but cannot grow due to current zoning and by laws. So when hc grants them a license which I think they will they are still unable to grow pot. Some of the concerns lakeshore has are the smell, water usage, energy usage, location in regards to schools, and crime. Mayor Bain stated 3 to 4 months to get these issues resolved. So if and when they get a license they are still a ways away. This will hurt and has hurt the share price. I will jump back in to catch the bounce when they get the license and will sell as they still cannot grow and the price will drop again.
13 licensed producers are gobbling up all the MMJ patients and competition will get fierce as more mmj grow licenses are approved.
Bedrocan is the one,
The money I made is buying Bedrocan stock when it goes public. Another note about Bedrocan. Health Canada has appointed one of the officers of the comapnay to help consult HC, They are in and will be the leader.
Go to health Canadas website. Without local approval they cannot get a license it is all right there. Nothing misleading about my post or Mayor Bain's comments.
Japple please be more specific. What is far fetched? I live in Aurora co and a marijuana dispensary or grow operation has never been legal here nor has it ever been in Lakeshore. It would be nice for people to stay on topic and address the issues instead of dismissing everything. Sounds to me that some people on this board need to learn how govt works, what Health Canada requires, and may even want to wonder why Bill did not build this somewhere else. If he would have built this facility where commercially growing and selling Marijuana is legal Fitx would have a license by now and FITX would be growing and selling Marijuana which is what all the investors are waiting for. Meanwhile the competition is up and running. What exactly is far fetched?
YES it is Illegal to produce and sell marijuana in Lakeshore. That is why Bill is going to city council meetings.
Does that seem so far fetched? To some maybe.
In Aurora Colorado you cannot grow weed or have a dispensary to sell weed. Is it legal in Colorado yes. But the city will not allow weed business in the city limits.
Wake up. Why do you think 13 other companies have gotten a license and FITX has not. Lakeshore needs to legalize commercially growing and selling weed. This is the most misleading thing bill has done. Telling people license by the end of may in a town that does not allow a marijuana business.
Lakeshore has to ammend the city laws and then set up the commercial zoning laws such as it cannot be too close to a school. Those types of things. People do not want to smell it. Another concern. How much water and electric usage will be allowed.
JJConnor. The Mayor of Lakeshore Tom Bain stated on July 20 that they are working on an amendment allowing medical marijuana and hemp production in lakeshore and is looking at getting this done in 3 to 4 months.
So lets say it get done in 3 months. Then health Canada gets notification that the ammendment is passed then they inspect lets say in 2 weeks. Grants a license in 2 weeks that is 4 months from now. Then 3 months later fitx has its first crop. You are looking at February of 2015. Now who are they going to sell it too when 13 licensed producers have already signed up all the medical marijuana users.
If I am not correct on this let me know but does not each and every medical marijuana user need a license to buy and possess and they have to sign up with one of the licensed producers?
What does Charlotteville have to do with getting zoning in Lakeshore?
What is Bill doing? Really. He applauds Charlotteville?
How about this Bill. Guess what? We cannot get a grow license until we get the property approved and rezoned by the city. Why submit a license application with Health Canada that cannot be approved until approved by the town of Lakeshore? Why act like everything has been approved by the city when it has not. Hiding an important piece of information is misleading to investors.
What??? 0ver 1200 miles from lakeshore? Article today
The CEO of a company building a medical marijuana plant in Ontario is praising Charlottetown city council for paving the way for P.E.I.’s first production facility.
Bill Chaaban, CEO of Creative Edge Nutrition, said these facilities are state of the art and just as secure as the Pentagon.
Before they can be built, Health Canada says municipal approval is required as well as approval of the local police and fire departments.
“We are, essentially, building in our neck of the woods a super-max federal security prison,’’ Chaaban said, noting the facility also carries a premium camera system, two-tier fencing and a level-10 vault that weighs 2.5 million pounds and is 4,000 square feet in size.
He said such a facility in Charlottetown would be similar. Creative Edge Nutrition is spending close to $20 million to build one in Lakeshore, Ont.
Earlier this month, Charlottetown council passed a resolution, agreeing to amend the city’s zoning and development bylaw by adding the definition for medical marijuana production facility. Council didn’t have much choice.
Under new federal legislation, large indoor marijuana farms certified by the RCMP and health inspectors, will be allowed to
produce, package and distribute a range of standardized marijuana, all of it sold for whatever price the market will bear.
By changing the bylaw, council is restricting where this facility can be built — the West Royalty Industrial Park, some light industrial areas located north of the city’s bypass highway and the bio-commons park. The city is believed to be looking at an application for a building permit now.
Not a Pump and Dump
The issue here is municipal approval which FITX has not been given. Mayor Bain states that there are issues with water and power to be addressed and it could take 3 to six months to change the zoning. Don't ya think that the zoning should have been changed prior to construction? It is obvious to me that Bill wanted his relative to get the $25,000 a month for the lease of the land. That is why he chose that sight. Looks like due diligence was not done to secure a properly zoned site.