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  • CEN Biotech: Survival Of The Fittest

    CEN Biotech Inc. (ticker: FITX) has distinguished itself from the handful of scattered marijuana companies in Canada, and has given investors the confidence needed to emerge stronger than ever before in this sector. The company website provides further investor relation questions and information about the company.

    Many investors currently investigating this company realize the state of the company's license is a concern that rises above all others. However, the weight of this uncertainty will not determine the destiny of this company. The answer to licensure is not too far beyond the company's reach. More importantly, investors should not allow short term gains prize over long term prosperity; failing to look beyond next quarter, after license, after merger with RXNB, and after grow operations can be a costly mistake that many investors may regret in the near future. More information can be discussed in greater detail in S. Cary's article.

    This article aims to 1) briefly evaluate 11 of the MMPR licensed producers in Canada and 2) give a brief update of CEN's current completed marijuana facility.

    Super-grow facility

    Many investors in the marijuana industry have recognized CEN Biotech to be a super-grower of marijuana. In other words, CEN Biotech has been regarded as a facility with a larger capacity grow operation than other regular grow operation facilities such as Mettrum LTD, Whistle Medical, Cannimed, etc. Investors may speculate that a large part of delay in license can literally be the aggressive production quantity implicated by CEN, which will require much more scrutiny by Health Canada than other regulated facilities. The regulated sales from government approved facilities compared to the old regime of unregulated grower operations has given many patients the benefit of obtaining safe, high quality grade marijuana for their various ailments. Already, CEN has made historic steps to plan its future path successfully. They have provided the resources necessary to prevent any critical setbacks and have given careful consideration to various arenas of the marijuana sector that many companies have yet to address.

    Health Canada Licensed Producers:

    Most of the MMPR licensed producers have roughly an average square footage of approximately 41,780 square feet. With the exception of TWEED, which has bought a previous 180,000 square foot Hershey's Chocolate factory to produce approximately 45 million grams of marijuana. To date, the company is still in the process of building the facility, but has purchased a 350,000 square foot facility of which 10% of the activities will be utilized for marijuana production. TWEED area

    Mettrum, a privately held company is a Toronto based facility. The company has indicated that their licensed facility is ready for production, and currently has 5 strains of cannabis readily available for purchase on their website.Mettrum also promotes a 30/30 pricing plan on their website offering 30 % off the cost of the first 30 grams patients order every month, however patients must qualify with income lower than $30,000.

    Delta 9 a privately held company that has roughly an 80,000 square foot facility. They boast 27 different strains of cannabis and are ready to distribute product to clients. Delta 9 article

    This facility has square footage that is currently at par with Cen Biotech Inc. However, it is important to note the square footage of Cen Biotech will be much larger as the company augments their income to grow and build almost 10.5 acres of land for hemp and marijuana production in their first facility alone.

    Whistler Medical Marijuana, a privately held company has recently recalled a strain of their marijuana product. Despite this small complication, this 10,800 square foot facility has management with "20 years experience producing cannabis, organic grapes and berry crops, greenhouse production of tomatoes, cucumbers and peppers-[they claim to be the first all-organic facility in Canada]"

    Whistler Medical Marijuana company also indicates that their facility has the capacity to service roughly 3,000 patients. Proportionally, if one takes into account this patient capacity as a standard for every 10,000 square feet, Cen Biotech can seemingly service 24,000 clients in one facility alone; an 8 fold increase in clients compared to Whistler. Granted this offers a robustly rough estimate at best, however interesting to tease out nevertheless.

    Tilray, a privately held company currently has a 60,000 square foot facility in Nanaimo, British Colombia and proclaims the facility to be the largest federally growing operation in the world. The company explains, "We invested $20 million in a 70,000 square foot facility in Nanaimo, BC, which we built to grow and ship medical cannabis. We received our federal license from Health Canada in April, and since then we have been harvesting, hand-trimming, packing and shipping medical cannabis to Canadian patients every day. Tilray profile In addition, the company has "already created 65 local jobs and is still looking to fill positions for marketing managers, bilingual customer service representatives, horticulturists, trimmers and shipping specialists. Tilray will hire an additional 40 employees in the coming months."

    Lakeshore should follow suit of Nanaimo, BC

    Interestingly, the town of Lakeshore can readily emulate the city of Nanaimo's successful employment opportunities. Lakeshore should realize the potential gains in job employment, tax revenue, and further focus on increasing the value and infrastructure of their community. Tilray has reported over 400 applicants last month alone to obtain employment at their facility. With a dwindling Lakeshore economy and a 7% unemployment rate in the Lakeshore region, the residents of the town are eager to transition to a new fresh industry that would benefit their lives immensely. Though most residents support the notion of the facility running in the agricultural zone of Lakeshore, some residents have shown stark opposition. The importance of this facility cannot be stressed for the town of Lakeshore as indicative of Nanaoimo; reaping the rewards of the Tilray facility with open arms. Tilray employment

    MedReleaf Corp. a privately held company has seemingly also been under the radar as a licensed producer of marijuana in Canada. The company has "a 55,000 square foot production facility in Markham, Ontario and a "highly skilled team" of "experienced professionals with backgrounds and post-graduate degrees in business, molecular plant genetics, biotechnology, horticulture, clinical laboratory management and operations, and hospital administration." MedReleaf article

    An interesting element of this company, is their product catalog. The company has categorized their products by either 1) severe pain, 2) mild pain, or 3) various premium strains. Of note, the THC and CBD percentage is accurately depicted on each strain, which is a unique feature many other facilities should emulate.

    OrganiGram Inc, a company that is soon to be traded publicly, has a facility in New Brunswick, Canada. It is interesting to note that they currently compromise over 16 different strains. The company has a 20,000 square foot facility and allegedly a capacity to produce 100,000 grams of marijuana in a month.

    CanniMed Ltd., a subsidiary of Prairie Plant Systems Inc. (which was originally the sole provider of marijuana production contracted by Health Canada last year with recall complications) has a facility located in Saskatoon, Canada. The facility is roughly 35,000 square feet and worth $3 million.

    Three facilities avoiding the spotlight

    Three other companies that have obtained MMPR licensure, Canna Farms Ltd, ThunderBird Biomedical Inc, and In the Zone Produce Ltd, have not been analyzed with square footage due to the limited scope of information provided publicly.

    It appears that In the Zone Produce is a family owned farm located in British Colombia, catering to a small niche of clients. The company offers boutique strains of marijuana and various premium quality brands. It is also important to note that PharmaCan, has bought In the Zone Produce.

    Interestingly, Canna farm Ltd, was established this year (2014) and has avoided much spotlight in the marijuana sector. They are located in British Columbia and are a family owned and operated facility.

    Lastly, ThunderBird Biomedical is a facility in Vancouver Island with a private location that has not been disclosed. What is more surprising is their company website provides very little information regarding their facility and or production design.

    (click to enlarge)

    License announcement sparking interest

    It is important to note that CEN Biotech has not obtained licensed. In a recent article (August 16th 2014), Bill Chaaban explains that he is very optimistic to obtain license of the facility by the end August. The article explains:

    "The company's CEO, Bill Chaaban, said he expects the license by the end of this month. 'The application calls for 600,000 kilograms a year of marijuana production, which would put CEN ahead of the field in Canada. We would be larger than all of them combined'. "

    Cen Biotech Conservative square footage

    To this end, Cen Biotech not only has the most square footage to grow immediately after license, but also the capacity to increase square footage by their construction of building 3, 4, 5, 6 in their 10.5 acre site, approximately 460,000 square feet of space, much higher than the alleged facility of TWEED (ticker: TWD). Of note, investors should realize the company will need time to grow, but with current projections, CEN Biotech will truly be the most advanced and largest marijuana facility in Canada.

    To limit bias, the projected square footage in this article did not incorporate the 10.5 acre land space of CEN as it is further in the company's projected building sites.

    In addition, CEN Biotech is utilizing a novel multi-level vertically integrated growing platform. In other words, much of the design of the facility is catered in providing 2-3 level flooring to increase square footage. Many other companies have one main ground platform, not taking into account various levels in their facility design. However, again to limit bias and complexities in design space, only one level of space was utilized for calculation of square footage space.

    Potential Revenue of Health Canada MMPR Companies:

    In order to accurately standardize the reporting of production revenue of the licensed MMPR companies and account for various discrepancies in flow operation design, distribution, facility structure, and production strategy, a systematic approach must be utilized to allow for a fair comparison. To this end, potential revenue is computed primarily by square footage space which minimizes bias towards other factors contributing to production. The proposed production revenue assumes the following parameters:

    1. Assuming 1 marijuana plant requires 4 square feet of space
    2. Assuming 1 marijuana plant yields 1 lb (453 grams) of product
    3. Assuming production of square footage that is currently able to be used for production

    (click to enlarge)The plant quantity assumes 4 square feet of space for one marijuana plant. Plant quantity calculations were based on building square footage.

    Based on the plant quantity, the production revenue was calculated assuming roughly 453 grams of product per marijuana plant. No other considerations were factored such as life cycle of plant, product design, agricultural or industrial tax, overhead of facility, etc. These factors would significantly hinder quantitative comparative analysis and increase unnecessary variables.

    (click to enlarge)

    Revenue indicates that once Cen Biotech becomes licensed, revenue projections surpass even the most ambitious facilities such as Tweed. Revenue projections of Tweed are based on square footage aforementioned. Delta 9 is currently a privately held company and not open for public trading. Investors who truly wish to capitalize on the MMPR licensed producers should take Cen Biotech seriously in the coming weeks ahead.

    Recalls of a few MMPR facilities

    Health Canada has strict guidelines that must be exercised by all facilities to provide high quality grade marijuana to patients. Unfortunately, some companies have already been forced to recall some product due to product deficiency (i.e., bacterial contaminants, toxic minerals, etc) Patients should be keen to the fact that these recalls are one of many that will allow for safe medication to be delivered to them, and a necessity if mass production of a medical drug is to be manufactured at these levels.

    Peace naturals, a MMPR licensed facility in Canada, had a recent voluntarily recall due to high levels of bacterial contamination outside of acceptable limits. The company had sold product to about 55 patients and advised them to stop using the product immediately. Peace CEO Marc Gobuty explains, "Scale cannabis at the commercial level is way more difficult to produce than most people think." Peace article. Hence, these types of recalls are becoming more common and can very well be due to the limited exposure most companies have in such high levels of mass production.

    More recently, Whistler Medical Marijuana Corp voluntarily recalled a batch of product after mold was detected by third party inspection.Whistler artilce

    Harsher realities followed GreenLeaf Medicinals, in which Health Canada made an executive decision to revoke the company's MMPR license due to a product recall and inspection issues. Greenleaf article This company was one of the first companies to obtain MMPR license and thus had the unfortunate result of suffering much more stringent consequences than others.

    Recalls attest to the belief that Health Canada and the Ministry of Health are actively testing marijuana products by MMPR approved licensed facilities to ensure strict quality control and a safe product to patients.

    Cen Biotech Facility: Construction completed

    In wake of recent news that Cen Biotech's Lakeshore facility is still under construction, investors can see a plethora of images taken by investors to document the company's construction progress. Most of these images have been uploaded to a dedicated website created by investors called Of note, an investor by the name of J. Smith provides many updated photos of the facility in his own time. His contribution to update investors and document construction is paramount to investors.

    (click to enlarge)

    This $20 million dollar facility has state of the art equipment unmatched in today's standard of medical marijuana production. The novel patented technology by RXNB will be utilized in grow operations by Cen Biotech that uniquely gives the company an unprecedented advantage in grow design and production. Many of the licensed MMPR facilities to date do not have world renowned board of directors, a pharmaceutical distribution center (if merger completed by RXNB), a Hemp technology division, and a nutritional supplement sector like Cen Biotech.

    (click to enlarge)

    Photo taken July 31st, 2014 which has given investors speculation that Health Canada had readily inspected the facility. However, it should be stressed that this is merely a conjecture and investors should wait for an official press release by the company for verification.

    Survival of the fittest

    Many of the companies analyzed in this article are a far cry from what Cen Biotech will deliver when license is obtained. Bill Chaaban has unequivocally become the leading voice in the marijuana sector and one that has delivered a compelling company the world has yet to see. Truly, the companies that last and progress will partake in a Darwinian approach of survival of the fittest.

    Disclosure: The author is long FITX.

    Aug 17 2:24 AM | Link | 37 Comments
  • CEN Biotech: Ready To Launch

    This article could possibly be one of the last articles published that recognizes the revolutionary transformations in the Canadian marijuana industry by Creative Edge Nutrition. (Ticker: FITX). The company continues to be scrutinized under the microscope and has been known to be the Wall Street darling of the sector.

    The aims of this article are to give 1) brief analysis on Bill Chaaban's presentation in the WeedStock Conference and will be used intermittently throughout the article 2) focus on the relationship between CEN Biotec and RXNB, 3) Determine the value of Hemp Technology Inc towards CEN, 4) briefly explain the Canadian marijuana sector and potential for growth 5) evaluate the price per share of FITX and 6) evaluate the US Market and future prospects of CEN Bio Tech.

    Marketfy: 420 Investors

    On June 30, 2014, CEO Bill Chaaban presented at WeedStock's First Annual Cannabis Investor Conference in Denver, CO. Hundreds of investors joined this conference to elaborate and share their thoughts and ideas regarding the industry. Marketfy 420 Investors recently released the live presentation. Alan Brochstein, CFA, who has become one of the most prominent visionaries of the industry, partnered with Marketfy in hopes of catering to investors interested in the marijuana sector. His investment research portal called 420 Investors allows a dynamic interaction with expert analysts and company CEOs discuss the political and financial world of the industry in great detail. For further details of the WeedStock live presentation, please visit: Conference

    The Perfect Match

    Bill Chaaban and CEN Biotech have seemingly become the connoisseurs of the marijuana industry. Through various collaborative studies with Dr. Sam Alaweih, founder of RXNB, CEN has now established innovative novel methodologies to produce marijuana. Their pursuits are a radical departure from traditional grow operations that lack quantifiable approaches in procedures used over the past half-century. RXNB Inc. is a compound pharmacy that manufactures and distributes pharmaceuticals. The company has a manufacturing facility that allows detailed testing of medical pharmaceuticals and serves 50,000 patients per month. The agreement with RXNB gives CEN a unique opportunity to access substantial international distributions in drug formulation, manufacturing, and nutritional markets. RXNB's distribution network supplies approximately 2,700 clinicians that are tailored to functional medicine across the United States. In addition, RXNB also operates its own call center and novel software technologies in the field of custom specialty drugs (designed specifically in compounding pharmacies) and batch record keeping in compliance with USP 797. This patented record keeping software gives CEN an exclusive advantage to utilize for marijuana production.

    Of note, extensive patents ranging from agricultural, medical, distribution technologies, THC research and development are one of salient points of interest that RXNB entails. It has been documented by third party valuations that RXNB has a portfolio valuation of $110 million dollars and approximately $27.5 million dollars in annual revenue. Sale revenue of RXNB was over $360 million for the pharmaceutical building alone.

    Marijuana Grow Cycles

    Currently, marijuana grow cycles range from 10-16 weeks, depending on the type of marijuana plant (i.e.,Indica, or Sativa). RXNB has patented technology that will accelerate plant growth, almost reducing production time by as much as 50-60%. This will allow perpetual growth cycles of about 4-5 weeks and a cohort of plants that will be sustained and protected from contamination, yielding even greater healthier harvests.

    (click to enlarge)

    In addition, RXNB and CEN technologies aim to abide strictly to the Current Good Manufacturing Practices (cGMP) manufacturing and growing process of medicinal marijuana.

    At the WeedStock Conference, Bill discusses the importance of GMP:

    "It is very important you have good production practices. I have been manufacturing under cGMP since 2007. FDA or HEALTH CANDA will grab your SOPs [Standard Operating Procedures] and ensure your following it to every letter. It's not easy to follow and you will be written up if you don't comply. People manufacturing under the old regime have an incredibly difficult time to implement GMP, record keeping and SOPs requirements. In fact, most have been shutdown today, so that being said companies under the MMAR must reapply to be under the MMPR or they will not be able to grow. I can assure you 90-95% will bring their experience with the bad practices under the new regime and most will not survive if at all obtain license."

    According to the FDA website, "Good Manufacturing Practice regulations are enforced by the US Food and Drug Administration (FDA). cGMPs provide for systems that assure proper design, monitoring, and control of manufacturing processes and facilities. Adherence to the cGMP regulations assures the identity, strength, quality, and purity of drug products by requiring that manufacturers of medications adequately control manufacturing operations. This includes establishing strong quality management systems, obtaining appropriate quality raw materials, establishing robust operating procedures, detecting and investigating product quality deviations, and maintaining reliable testing laboratories. This formal system of controls at a pharmaceutical company, if adequately put into practice, helps to prevent instances of contamination, mix-ups, deviations, failures, and errors. This assures that drug products meet their quality standards."

    These new regulations allow many companies to utilize modern technologies and innovative approaches to achieve higher quality product through continual enhancement. To this end, RNXB and CEN have in tandem equipped their respective companies to succeed in this field.

    A merger acquisition of this caliber would be paramount for the success of CEN and quickly distinguish itself from other competitive marijuana companies.

    During the WeedStock Conference, Bill Chaaban gave subtle clues regarding the strategic relationship of RXNB and CEN Biotec. He explains:

    "In 1998, I started a nutrition business, have three different stores and online nutrition stores. Became one of the top ten nutrition websites in the US. Got into private brands, six private bands, which we sold different supplements online and in store. It became a huge profit center for us. I didn't like the quality of the products that were being produced outside, so we started a contract manufacturing nutritional supplement in a 50,000 sq feet facility where we would make these supplements and ship them around the world for many brands. That's my nutrition [and distribution] side of the story.

    I met Dr. Sam Alawieh almost 5 years ago. They had a compound pharmacy and became one of the top compounding and dispensing pharmacies in the country, they are licensed in 21 states, almost 50,000 patients on auto-ship throughout the country. Their model was based on HCG diet, anti-aging, testosterone drugs. They built a model for doctors such as ER physicians who wanted to supplement their income. They were involved in selling, supplying, educating, and training of the medicine and to insure these medications with Ed Kuhn [Wellness Medical Protection Group/Liability Insurance Solutions]

    We would be able to sell 1.32 million pounds marijuana, and once licensed we would be able to import and export product to countries that allow it. We have a market development and research team that is scouring the globe looking at laws for marijuana and hemp worldwide."

    Acquisition of Hemp Technologies

    "CEN Biotec recently acquired the assets of the global holdings of Hemp Technologies Ltd. In particular, its operations in New Zealand, Canada and the United States among other countries. Hemp Technologies Ltd. is a vertically integrated company, which grows, processes and sells its hemp directly to the consumer and for industrial processing. In addition, it is instrumental in hemp home building and building materials, hemp spirits and food, and hemp pharmaceutical and dietary supplements." Hemp Aquisition

    Clearly, many nominal benefits are present in the utilization of hemp, much of which will be discussed by CEN Biotech as the company expands operations into the hemp arena.

    Anndrea Hermann, president of Hemp Technologies Global and Chief Development Science Officer of the Hemp Division at Creative Edge Nutrition, recently explained via email to the author of this article:

    "The average yield per sq foot of hemp grain can yield in a range from 700-1000 lbs/acre, which are conservative estimates of production. HTG works with many different types of products from cold pressed Hemp Oil to Hemp Insulation."

    One should note that if MMPR license agreements for marijuana and hemp are approved by Health Canada, CEN Biotech will ultimately be able to grow as much as 1000 lbs (453592 grams) of hemp. This yield can potentially triple the revenue of CEN Biotech.

    Health Canada

    Today's $180 billion worldwide alcohol market can be contributed to the repeal of the Volstead Act. Current estimates for the U.S. marijuana market range from $40-$45 billion and a staggering $115 billion worldwide. This could potentially be almost 60% of the alcoholic beverage market.

    It is to no surprise Canada is becoming progressively determined to lead the way into the industry and set the standard for many other nations to follow.

    As the general public becomes more alert of the implications that medical marijuana will have in current and future generations of patients, Health Canada has directed their research and development programs to foster excellence in quality drug control and hone in on educational reform, specifically catered to physicians and patients.

    Bill Chaaban explains at the WeedStock Conference regarding Health Canada objectives:

    "I spoke with the market development team of Health Canada. We talked about what our plans are, what we anticipate once we become licensed. Health Canada's goal is to develop and establish a stable supply for Canada, domestically. Their biggest interest is research education, and industry building. We are committed to Health Canada that we are going to partner with them to build an industry, domestic and foreign and make Canada a leader in education and supply. We have committed to provide an education to physicians and provide research for disease states that are strain specific. In Canada only dry marijuana can be sold, and we intend to lobby the government to have different delivery mechanism, which is very important for patients. Again, security, access to medicine for patients, and drug safety is critical to Health Canada."

    Marijuana market share

    Health Canada has seemingly been very conservative in the total market share of patients in need of marijuana. Many of the projections that HC states are implemented for severe cases that have limited scope of treatment modalities. Just recently many US states such as Illinois have approved medical marijuana for all types of patient populations ranging from seizures (focal and generalized) and epilepsy to less complicated ailments such as tension headaches, Many treatments requiring selective GABA inhibitors, first line drugs like valproic acid, carbamazepine, can now be replaced at the physician and patient's discretion by medical marijuana. Of note, first line drugs have more serious side effects than marijuana which include low white blood cell count, liver cirrhosis, kidney failure, and sometimes death of the fetus if taken while pregnant.

    The current number of medical marijuana users approved by Health Canada: 37,359, a drastic increase from 477 patients in 2002. However, with the new MMPR license and more substantial uses of marijuana for various ailments, that number can potentially be a staggering 500,000 patients, which according to Bill Chaaban will most likely be reached within two years.

    Of note, Americans spend more than $200 billion on pain relief medication annually. Roughly 26% of the population suffers from acute or chronic pain, post-traumatic and post-surgical pain, which yields almost half of patients in this country alone. Even if less than 10% of the population utilized medical marijuana as a treatment modality, there would be a higher demand than Canada or America ever anticipated, somewhere in the range of 2-3 million patients. statistics

    License and Zoning: the endless debate

    Even after much discussion regarding CEN Biotech obtaining license from Health Canada, some pessimistic investors are reluctantly undaunted by simple facts regarding zoning and continue to press concerns regarding municipal approval.

    Bill Chaaban explains at the WeedStock Conference:

    Zoning has never been an issue. Both sites 1 and 2 are zoned agricultural. Currently, there is no processing allowed in Canada, it's just dried product.

    Our application for the city which costs almost $9,000 was to send it in for zoning change for building 3, 4,5,6, and future processing, not for growing, but processing. If we want to lobby government [in the future] and say we want to make CBD oil, we can't do that right now on the land, that's value added and that's why we are being proactive to get a zoning change [for site 3,4,5,6]. It does not limit us or stop us from getting license.

    As discussed earlier, Hemp Technologies in addition to RXNB pharmaceuticals will most likely utilize sites 3-6 to process the value added changes. It is critical to differentiate; processing and growing as two separate entities, and that growing dried marijuana has no influence on the processing department of facility 3-6.

    Bill Chaaban continues to explain, " The minute a company gets licensed federally, cities [Lakeshore] lose jurisdiction. Cities or towns will not have the right to access the property because we become a federally licensed and inspected facility. But CEN wants to operate in Lakeshore and we want to be a good neighbor and good corporate citizens-[thus out of mutual respect], we still have their inspectors come in and have everything in compliance with them and approved by them. But this is not necessary."

    Cultivation Activity vs License Activity

    Over 200 applicants have filed to receive license, but there are an array of different connotations and some confusion that should be addressed.

    Bill Chaaban explains at the WeedStock Conference:

    "There is no such thing as a pre-build stage, you either have a ready to build stage or you don't. Providing a phase licensing process: If an applicant has completed paper review and has met the regulatory standards for cultivation of marijuana, HC will inspect and license that applicant for the cultivation activity only in order to accelerate production capacity. The applicant could subsequently obtain full licensing upon meeting further requirements of the MMPR.

    This means for example the applicants that are ready for cultivation but are not ready for storage security requirements under regulations could begin to grow marijuana while continuing to complete their requirements for physical storage of dried marijuana. So you probably asked yourself well there's guys growing but they don't have a vault, they don't have security-well that's how they were able to grow. They have a ready to build letter and asked to just simply cultivate. Under the new MMPR cultivation before storage and security is allowed, provided you document plans to start the MMPR for full license.

    We have everything done, we have a 4000 square foot vault, it would take 10 hours to penetrate if you can make it through our inner and outer security systems. We know we can store hundreds of millions of dollars of marijuana in that vault. Once pre-license inspection comes, we can start growing and we are ready to grow, I can assure you. I thought it was important for all you to know that and it was clarified for you."

    Price per share

    Almost one month has passed since Bill Chaaban and investors are eagerly anticipating for inspection of the facility to gain approval for full license. This in part is largely the reason FITX pps has plunged to the near lows of almost 6 months ago. However, the question remains open as how marijuana companies react to booming news regarding the sector, and most importantly, how high the price of FITX (which is seemingly at the lowest of all these companies) can extend once license is obtained.

    It should be noted that the market capitalization of FITX is at the highest of all these companies. This is largely due to the shares outstanding by the company, almost 3.5 billion shares. Needless to say, the market capitalization can be overbearing, but other companies that are well over $1-2, have market capitalizations in billions (OTCQB:MDBX), a value that is not far too distant from CEN. Discussions on the shares outstanding will be brought to light further as Bill Chaaban and his board of directors executes plans to initially build this new company and obtain license.

    pps as of July 27th, 2014

    (click to enlarge)

    The US Market: Las Vegas

    Bill Chaaban has looked into license in Las Vegas, Nevada, which requires a hefty $250,000 application license fee and over $100,000 or more in contract and lawyer fees. Las Vegas License fee. Bill Chaaban has hinted on multiple occasions such as the WeedStock conference that the company is planning on filing for a license in Las Vegas, which was due on July 25th 2014.

    Bill Chaaban states:

    "I had the pleasure of meeting someone meeting high up in the narcotics department. We found out all the problems that you have in Colorado that people don't realize. One of which is testing, there is no lab testing going on, people getting unstandardized products, edibles which is horrendous, does not comply with food safety. There's no testing, which violates CFR 211, no labs can operate and test marijuana right now. Second thing is, banks are not touching the marijuana business. Most of the money is not reported and safety is a concern. The industry is taxed 37% so some are not reporting. So there are huge issues, and Colorado has a long way to come.

    We are eyeing Las Vegas for the future, and Las Vegas is probably the only market we want to enter, Nevada is going to give reciprocity to medical marijuana card holders, so that means you have a Colorado card or a Washington or California card, you can buy. Its not an easy process, you have to pass background checks, so just because u get approved at the county level or state level. Any blemish you will not get licensed because they are afraid of gaming and organized crime infiltration. It is very important to know this."


    The company boasts a world-class board of directors, including securities fraud investigator John A. Germinario, formerly with the SEC; Dr. Sam Alawieh, Pharm.D, who carries over 32 patents pending on marijuana-related technologies; Michael K. Clark, an expert in global capital markets; as well as several prominent physicians such as Dr. Davild L Felton, with powerful backgrounds in patient care and NIH funding.

    (click to enlarge)

    From left to right: Bill Chaaban, President & CEO, JEFF THOMAS - VP CEN, JOHN A. GERMINARIO - Chairman of the Board, DR. SAM ALAWIEH, Pharm.D. - Chief Pharmacology & Acquisitions Officer, DR. DAVID L. FELTEN, M.D., PhD. - Chief Medical Director, MICHAEL K. CLARK-Chief Financial Advisor, DR. M. KERRY O'BANION, M.D., PhD-Chief Medical Director

    Bill Chaaban gives some details regarding the board members of CEN. He explains at the WeedStock Conference:

    John Germinario, career banker, private regulator, for the IRS, SEC, and the FBI, an IRS criminal investigations. He is the man who found that banks were ripping off the IRS and committing crime to the American people. 2-3 billion dollars. He has the ear of the SEC and FINRA and the head of the SEC. In his open letter that he wrote to FINRA was to tell them to stop attacking legitimate companies in the medical marijuana space. Leave the good ones alone. There will be more halts, and they will be coming. There are paid bashers on our stock and we know whose paying them-and we will come after them. And we will let SEC and FINRA pay for it. Not our shareholders.

    Michael K Clark was a senior executive, Vice President of JP Morgan and Chase. He was the second man in charge. He was the President of Fidelity Investments. What's his specialty? He's done 5 billion dollar capital raises.

    Dr. Felton, who has two NIH national institute health tenure awards and a MacArthur foundation award. [The John D. and Catherine T. MacArthur Foundation supports creative people and effective institutions committed to building a more just, verdant, and peaceful world. In addition to selecting the MacArthur Fellows, the Foundation works to defend human rights, advance global conservation and security, make cities better places, and understand how technology is affecting children and society. - See more at: MacArthur Grant Dr. Felton is most likely be up for the Nobel Prize as we were told. He ran Beumont Hospitals trial program with over 250,000 patients. We are focusing and going for research.

    Dr. M. Kerry O'Banion, received 8 out 8 NIH grants, and owns part of the patent rights for Celebrex and Praxil.

    These are some of the people on our board and now you know basically what attracted these gentlemen to our company and our board. They have seen our facilities, and our plans."

    The board members each have cultivated the self motivation to contribute meaningfully in this field, many investors and shareholders will find it gratifying to be involved in their pursuits, but even more gratifying would unquestionably be the transformation of patient lives and the entire medical sector for decades to come.

    CEN Future

    CEN is becoming more attractive to investors, and the prospects of the company's pipeline are promising. Investing in pennies on the dollar can be a risky investment, but with the overwhelming transparency that Bill Chaaban provides to shareholders, the merger acquisitions of HEMP Technologies and soon RXNB, and an extremely reputable board of directors, CEN is clearly paving the path to success and transforming the industry.

    Non Profit Donation

    Investors such as Addison Bradley Bachman, have spearheaded a non-profit organization to sell high quality FITX t-shirts, which proceeds will be donated to World Vision International. The donation will be presented a the Las Vegas Special Event Meeting held by CEN sometime within late August or early September. Fitx clothing

    Disclosure: The author is long FITX.

    Additional disclosure: Caution should be given to new investors who would like to play conservatively with their investment. This is by no means a guaranteed successful investment, the critical risk currently would appear to be the license approval, all of which will undoubtedly be determined within the very near future.

    Tags: FITX
    Jul 30 10:27 AM | Link | 19 Comments
  • The Tipping Point Of Creative Edge Nutrition

    The marijuana industry has been an elusive map to follow, with endless forms of scrutiny that has left much to be desired. Of late, only a handful of companies have emerged to become leading sectors of this industry. Much of these companies rely heavily on public press releases, merger acquisitions, and private financial funding. To make matters worse, penny stock companies trading in somewhat speculative sectors (i.e., marijuana sector) can be more challenging to attract investors. However, the speculative sector can at times be one of the most certain areas of the market and potentially the most proļ¬table. Likewise, it can also be exposed to the risks of tremendous uncertainty where shirking responsibility by corrupt management can be the haven for moral hazard and the demise of many companies. This article is an optimistic evaluation of CEN, and caution should be warranted to investors seeking conservative investment strategies.

    CEN: Brief Overview

    Creative Edge Nutrition (OTCPK:FITX) has seemingly become one of the most actively traded marijuana stocks in its sector. In fact, FITX has over 4000 followers on Seeking Alpha alone, almost a 100 fold increase on other marijuana companies. CEN has undoubtedly given investors an array of topics to talk about and presents an incredible story that should not be ignored.

    This article aims to primarily analyze the recent Lakeshore town meeting conference held in Lakeshore, Canada, the WeedStock Investor meeting Conference held in Denver, CO as well as give investors insight into the future outlooks of the company's growth and business potential. The company is engaged in the development and marketing and sales of nutraceuticals and health supplements, and most recently the marijuana industry. During the past year, Bill Chaaban, CEO of CEN has created two marijuana facilities in Lakeshore, Canada in hopes of growing medical marijuana. The facility has been privately funded of $20 million and has become instrumental in the growth prospects of the company. The pursuits of CEN are focused on becoming one of the leading companies and have created a powerful diverse board of directors, merger acquisitions, and steadily and thunderously announcing itself as the behemoth of this industry.

    Board Members: The crown jewel of CEN

    The company boasts a world-class board of directors, including securities fraud investigator John A. Germinario, formerly with the SEC; Dr. Sam Alawieh, Pharm.D, who carries over 32 patents pending on marijuana-related technologies; Michael K. Clark, an expert in global capital markets; as well as several prominent physicians such as Dr. Davild L Felton, with powerful backgrounds in patient care and NIH funding. NIH funding

    Most recently, Mr. Keith William Volpone, Mr. Eric Nashman, and Dr. Roger Shaban have joined the board of directors to strengthen and diversify the company's pursuits. board memebers

    The invaluable clinical and research expertise each board member brings to CEN is instrumental in shaping the company's future prospects, and one that should not be taken lightly. It is of no coincidence that Mr. Clark has recently been appointed as vice chairman of Creative Edge, in preparation of a merger and uplisting of the company in the very near future. Appointment of Mr. Clark

    Lakeshore Town Hall Meeting

    In a town hall meeting held on July 15th 2014, discussion of town concerns were addressed. One of the last topics discussed was the new CEN Biotec marijuana facility to grow and produce medical marijuana.

    The paramount value and importance of this facility for Lakeshore residents cannot be ignored. With a population of roughly 35,000 citizens (2011 Consensus), the residents of Lakeshore are taking serious and real steps into becoming world-renowned leaders for millions of countless patients that require medical marijuana for their underlying ailments.

    However, the sequential plan set forth by Lakeshore council and CEN to begin production at the marijuana facility was dubious to a few residents at the meeting. Concern regarding marijuana aroma on public ground, crime concerns, and zoning locations were briefly discussed. The confusion appears to mainly be sprung largely by inconsistent and unknown variables regarding the facility's operation, most of which will be adequately reviewed and methodically explained at an open house special event held by CEN sometime in the near future.

    Bill Chaaban, president and CEO of CEN Biotec explained during the Lakeshore Meeting explains:

    I think Lakeshore could make itself the leading town in Canada for medical marijuana. Medical marijuana is here to stay. The Supreme Court of Canada ordered Health Canada to allow access of medical marijuana to medical patients. Canada will be the leader for medical marijuana in the world and Lakeshore will be on the map for it.

    I think it's amazing Lakeshore is open for business. I thank all of you for being progressive and open-minded and many of the concerns that were brought up-about not just our facility, but any facility in Lakeshore are already addressed and strict regulations are placed by Health Canada. For example, section 50 of the MMPR document mandates that no odors [aromas] can leave the building. There has to be millions of dollars worth of technology such as HEPA filtration and HVAC systems to ensure that no odors leave the building. If odors leave the building, you will lose your license and you're out of business. With respect to security, cameras, fencing are mandated by HC, which are very detailed in what they are looking for regardless of their location. Concerns about medical marijuana being grown in an industrial park [i.e., car manufacturing, coal production, cattle farm], you don't grow food on an industrial park, you grow it on a farm-this is just another crop. It's no different than growing tomatoes, cucumbers, and mushrooms. It just happens to be controversial because its marijuana."

    Moreover, it should be emphasized that according to Ontario Ministry of Agriculture, Food and Rural Affairs, (Publication 824) the term agricultural use - "shall mean the cultivation of land, the production of crops and the selling of such produce on the premises, and the breeding and care of livestock and the selling of such livestock or the product of such livestock raised on the premises, and without limiting the generality of the foregoing includes aviaries, apiaries, fish farming, animal husbandry, the raising of birds, fish and fur bearing animals, horses, riding stables, horse training tracks, agricultural research stations and the raising and harvesting of field, bush, or tree crops, market gardening, nurseries, and greenhouses. However, agricultural use does not include facilities for the permanent or temporary housing of persons on the lot."

    Bill Chaaban has received overwhelming support from many residents to start production of the facility, and concerns (no matter how trivial) will be answered appropriately at the next town meeting as well as an open house of the facility in early to mid August.

    Below is the facility at Lakeshore, Canada; in addition to one of the many marijuana laboratories in the facility to grow marijuana. (courtesy

    (click to enlarge)

    (click to enlarge)

    CEN: WeedStock's First Annual Cannabis Investor Conference

    On June 30, 2014, CEO Bill Chaaban presented at WeedStock's First Annual Cannabis Investor Conference in Denver, CO. Hundreds of investors joined this conference to elaborate and share their thoughts and ideas regarding the industry. The live presentation was recorded and can be found at: Weedstock conference. Thisconference was made possible by Marketfy, an investment strategy research portal spear headed by Alan Brochstein, CFA.

    One of the many interesting topics Bill Chaaban spoke about was the company's extensive unique collaboration effort with more than 15 different companies to grow and distribute medical cannabis at an unprecedented level. Some of the notable companies are:

    1. Jade Medical and Agriculture, utilize workflow model of pharmaceutical CGMP, dietary GMP facilities and grow operations.
    2. WMPG Wellness Medical Protection Group, providing medical marijuana insurance to patients.
    3. Techdyne Software, an innovative novel tool to develop master-batch record software for drug and nutritional manufacturing. Bill states that a pilot test will be launched in one of the marijuana facilities to address any concerns with the software development and research programs.
    4. Craexis Branding, will be utilized to build the brand name of CEN and make physicians, dentists, and medical community aware of the high standards CEN has created in marijuana production.
    5. Xena Diagnostics a company involved in creating diagnostic test-kits for testosterone level measurements, which will also be used in marijuana testing in the future.
    6. Open Pharma Inc, an extensive distribution arm for CEN, representing demographics across Canada and the United States for drug and dietary supplements.
    7. Brooklyn Pharma Inc, a manufacture of pharmaceutical drugs that will help with distribution of medical marijuana.
    8. Mineovor Foundation, which is CEN's intellectual property powerhouse, patents pending, patent files, and trademark copy rights are examined and completed.

    RXNB collaboration with CEN

    One of the highlights of the WEEDSTOCK presentation sparking key interest is the partnership between FITX and RXNB. RXNB is a company that "possesses proprietary, cutting-edge systems in the field of agriculture, applicable to medical marijuana, in particular, these technologies focus on Current Good Manufacturing Practices (cGMP) manufacturing and growing process of medicinal marijuana" RXNB. RXNB owns pharmacy licenses in 21 different states. It is important to note that once schedule changes for marijuana occurs in the United States (hopefully in less than 2-3 years), CEN appears to be crouched in wait to also infiltrate the US MMJ market through this unique partnership. Also, according to a press release on June 27th 2014, CEN and RXNB are creating an even more intimate relationship to close a relatively large gap between quality control of marijuana and other drugs to patients. CEN and RXN

    Deloitte Audit Firm and merger with RXNB

    Mr. Chaaban had previously announced via press release that the company has retained Deloitte Audit Firm to perform the audit on CEN financials. During the WeedStock presentation, Bill stated that RXNB has also completed audit reports alongside CEN for up-list preparation. This begs the question of a merger, in which both companies are uniquely positioned to benefit tremendously. The aim of this merger is twofold: 1) judging by the strong coupled interest of both companies in the marijuana sector and their recent collaborative investment strategies, it would be prudent to merge and become one unique entity and 2) Dr. Sam Alaweih is not only the CEO of RXNB, but also the vice president of Creative Edge Nutrition, which again shows the deep intimate relationship both companies have in their business ventures.

    RXNB and CEN can potentially form a vertically integrated merger, which can initiate an up-list to a higher exchange. This move alone is more than enough to make even a novice investor understand the risk-to-reward possibilities. A higher exchange traded company often hinders stock price manipulation, SEC erratic stock freezes, and the stigma of "penny stock" characteristics that many marijuana companies face today (i.e.,Ticker: PHOT, FSPM).

    RXNB Recall Issue: irrelevant

    There has been questions regarding the validity of RXNB and their voluntary recall issues that have somewhat spooked some investors. The recall issue is a sound argument, and by no means should anyone defend poor quality products. However, to state the obvious here, this was an issue of the past, and RXNB has restructured and organized their technology to resolve any FDA concerns with quality control protocols. Furthermore, RXNB recall issue has no relevance or significant impact on a marijuana plant--which does not require significant molecular assay analysis and complex product testing at a molecular level. Furthermore, Bill Chaaban and RXNB are at the forefront of utilizing advanced technology that allows the marijuana plant to grow more efficiently with no contamination. To reassure investors and patients, Health Canada will also select a third party laboratory to asses the purity and contamination of the marijuana grown at CEN biotec.

    Bringing up a recall issue that happend two years ago is projecting blame to a new company such as CEN. In other words, a double jepordy of attacking RXNB in hopes to hypothetically speculate another recall scenario is belittling the intellect of the CEN board of directors, Health Canada inspectors, and investors.

    Tylenol had a recall issue earlier this month, but one doesn't suddenly fear the entire company. These are attacks that spread fear and unnecessary jargon that invalidates honest company with no merits of relation. Tylenol Recall

    Restricted Shares:

    There are a plethora of articles that explain diligently the valuation and growth of CEN, all of which have been scrutinized by both bullish and bearish parties. It is of no surprise that many pundits have been eery of the 3 billion shares outstanding in this penny stock. One key topic of interest is the unrestricted share that is scheduled for release in the upcoming months of July, August, and September. Bill has clearly stated that the dilutions of these shares are roughly a little over 360 million shares, which is miniscule to the 3 billion shares outstanding. Moreover, paid bashers are unequivocally convinced that these shares will plummet the company's stock price drastically, however a simple arithmetic computation can show even the most stubborn investors that this is has an impact factor less than .0001, which is negligible and a moot point to magnify.

    Bill Chaaban explains at the Weedstock Conference:

    "In July, August and September of this year 360 million shares will come up unrestricted. Not 1.5 billion or 800 million or whatever is out there. So now let me tell you about trades and volume, from January 1st to December 31st 2013 there was 28,968 trades, the volume 5,442,228,610 shares, the dollar value was $ 22,238,150, so now, keep that dollar value in mind-2 013 the whole year $22 million. From January 1st 2014 when we announced our MMPR to present of today (June 30, 2014) we have 241,962 trades almost 10 times of last year; our volume is 9,107,859,812 shares. So people are concerned of the 360 million shares that are in the market; we are not concerned about the price per share at all. The dollar volume of the trades of our stock this year traded is $543,079,802 dollars."

    To this end, paid bashers have relentlessly sought to incorrectly use various float shares in combination with outstanding and or restricted shares to confuse the investor into thinking there are as much as 1 billion shares becoming unrestricted. This ploy is not only ridiculous to say the least, but a tactic that will ultimately be the demise of their investment strategy.

    Below is a document that has shown Bill Chabaan selling private shares. Bearish investors are skeptical in this execution, but proper due diligence can at times logically explain the reasoning behind the madness.

    In comparison to selling shares, below is public information regarding Apple Inc, with bolstering revenue and an unparalleled business model. The director and senior vice president sold a combined total of almost $2,000,000 worth of stock in June 2014. This information can be found on finviz-apple.

    One should also realize, Aple has done significantly well this last quarter. Selling shares is not out of the ordinary, and if APPLE with their hoard of cash is allowed to sell shares without scrutiny, then one should not be so critical that a start up company such as FITX is selling shares for business prospects and the management team.

    (click to enlarge)

    Next stop: Las Vegas

    To reiterate this point, selling shares by companies is by no means an unusual circumstance, particularly when the company such as FITX requires necessary liquid assets and funds to maintain staff personnel, the board of directors, and general operations. Of note, Bill Chaaban has looked into license in Las Vegas, California, which requires a $250,000 application license fee and over $100,000 or more in contract and lawyer fees. Las vegas Liscense fee. Bill Chaaban has hinted on multiple occasions such as the Weedstock conference (discussed in this article) that the company is planning on filing for a license in Las Vegas, Nevada and Michigan. It is also important to note that the Las Vegas License fee is due no later than July 25th, 2014.


    The market capitalization of FITX has ranged from roughly 70 to 380 million dollars with the past 6 months. The volatility of the marijuana market, coupled with the delay in Health Canada inspection has given CEN a wide range of share prices. Currently, the market cap of FITX is estimated to be at 160 million, which has somewhat stabilized in this area within the past 3-4 months. This market capitalization does not reflect license, merger acquisitions, prospects of grow licensing in Michigan and Las Vegas, and other developing news for the company. Taking into account the average marijuana industry market cap to be roughly 180 million dollars (an average of 10 companies), FITX is seemingly undervalued. In fact, Medbox (OTCQB:MDBX), a marijuana company has a market capitalization of around 500-600 million dollars, is almost triple the market cap of most companies today. It is easy to entertain the thought that companies that produce revenue and hold strong profit margins can increase their stock price and thus their market capitalization tremendously. FITX has the potential surpass the market capitalization of MDBX within a short 12-16 month time frame and also increase the value of the company into billions. This would make CEN the ideal candidate for a buy-out company or to expand and acquire different pharmaceutical companies.

    (click to enlarge)

    CEN: Earnings potential

    Many notable investors have quickly realized the potential earnings of CEN. The consensus is as follows:

    The total square footage of building facility site 1 and 2 is estimated to be 80,000 square feet. If one assumes at least 50% of this area to be taken by dormitories, common areas, such as restrooms, grow storage, office, etc, then the actual grow area is roughly 40,000 square feet. (Of note, this does not include any other additional levels of grow area, such as a second or third levels that can easily increase square footage.)

    Assuming that one marijuana plant has an average space of 4 square foot, this would give roughly 10,000 plants in a 40,000 square foot area. If 1 lb of medical product is produced by 1 plant, then on average there is 10,000 lbs of medical product per harvest.

    With patent pending grow operations funded by RXNB and CEN, the efficiency, precision, accuracy, and enhanced grow productivity has increased tremendously. Reports have been given that grow cycles can be completed as early as 25 days with this new grow technology. However, if one assumes 35-day grow production per cycle, this would yield on average 10 cycles per year. Therefore if CEN can actually grow 10 cycles per year at 10,000 pounds per cycle, this would yield 100,000 lbs/year. (converts to 45.5 million grams of medical product). If a low marijuana sale price is given at $8.00/gram, then the revenue of the company would at staggering $363.2 million. Assume overhead of facility, staff payment, tax costs, and other expenses are at 40%, yielding still 60% profit margin, totaling to an estimated $217.9 million in net revenue. This type of operation can easily be multiplied with other facilities being built, such as site 2, 3, and 4. In addition, the earnings does not take into account hemp production from the recently acquired Hemp Technologies company.

    (click to enlarge)

    Future PE potential of CEN

    Roughly 3,500,000,000 shares are currently outstanding, and the company has a potential to earn conservatively $200,000,000 per year after MMPR license is granted and the facility is ready to grow medical marijuana.

    However, in this scenario, it would be prudent in ones calculation to use a share price that would reflect the earnings of FITX. This approach would require one to simply use the average PE ratio of the marijuana industry to determine the potential price of FITX. Currently, the PE ratio for the marijuana sector is roughly at 15-20 times the value of their respective companies. For conservative purposes, FITX is given a PE ratio of 12. With this undervalued PE ratio, one can reach a price of about $0.70

    It is paramount that investors realize that this price neglects multiple arenas of CEN that have not been integrated in the value of the company:

    1. Merger acquisitions with RXNB (can potentially double market capitalization)
    2. Hemp Technologies acquisition yielding much higher revenue and earnings
    3. New legalized marijuana insurance program
    4. Up-list to higher exchange
    5. A drastic decrease in shares outstanding, (retirement of shares, share buyback, or dividend shares in the long term)

    These catalysts can readily move the price per share of the company much higher. Once CEN becomes a mass producer pharmaceutical company, it will be almost impossible to imagine the share price to be lower than $2-3 within a 6 month period.

    Health Canada License: TBA

    After a seemingly exhaustive preparation to obtain legal federal government approval by Health Canada to mass produce, harvest, and distribute medical grade marijuana to patients across Canada and the world, the stock has plummeted to near lows of early February 2014. This can be eluded largely to time sensitive constraints of Health Canada's seemingly robust yet delayed licensing program. The wait has given pessimistic investors an artillery of accusations to debunk Creative Edge Nutrition's ambitious undertaking in the marijuana sector, but a great opportunity for the incoming investor. It is also important to note that much of these pessimistic investors, are allegedly paid by corporate companies relying heavily to decrease the stock price in order to profit on price volatility. Bill Chaaban has stated much of these "paid bashers" are being investigated internally and their information will be provided to the SEC for further legal action.

    Caution should be given to new investors who would like to play conservatively with their investment. This is by no means a guaranteed successful company, the critical risk currently would appear to be the license approval, all of which will undoubtely be determined within the very near future.

    In summary: CEN is undervalued

    While there is an art to investing in companies that are well established and have increase revenue and low PE ratios, many investors have found it more profitable to invest in companies that are still awaiting their future. CEN is becoming more attractive to investors in not only the existing valuation, but also the prospects of the company's pipeline in the future. Investing in pennies on the dollar can be a risky investment, but with the overwhelming transparency that Bill Chaaban provides to shareholders, the 20 million dollar private investment of building state of the art facilities, and an extremely reputable board of directors,CEN is clearly defying the odds and becoming the envy of other companies in the sector.

    Creative Edge Nutrition provides a unique opportunity for the average investor to participate in what is to be the next "dot com" boom of our century.

    It is of no surprise that this undervalued company is under such heavy scrutiny, but the promise of a future to help patient ailments with medical marijuana is an intangible quality that no amount of money or technical indicators can evaluate or buy.

    Disclosure: The author is long FITX.

    Tags: FITX
    Jul 24 5:53 PM | Link | 37 Comments
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