Growlife Ills Compound; Creative Edge Cuts Cord

California-based marijuana grow op supplier Growlife (OBB:PHOTStock Forum) is slumping from one problem to the next right now, as two partner companies have rescinded an earlier supply agreement for a large scale Canadian medical marijuana facility in the wake of yesterday’s announcement the SEC had suspended trading in the company.

Creative Edge Nutrition (OTO:FITXStock Forum) CEO Bill Chaaban stated, “We act in the best interests of our shareholders. During our due diligence process we arranged suitable alternative private financing to fund our project at 20 North Rear Rd in Lakeshore, Ontario. The terms of this deal were a 25% equity stake in the CEN Biotech project located at 20 North Rear Rd in exchange for $20 million USD. The project has been funded $5.0 million USD to date and will be fully funded per the agreement in 90 days from the agreement date.” 

He continued, “Our project continues on schedule and we intend to call for our pre-license inspection before month`s end. We have already sourced equipment from alternative sources which meet or exceed the quality required at a more competitive price.”

Several law firms are investigating the company for potential shareholder lawsuits.

To read more, visit http://www.stockhouse.com/news/newswire/2014/04/11/medical-marijuana-update-growlife-phot-ills-compound-creative-edge-fitx-cuts

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