"We've completed stage one of construction and have called for a pre-license inspection," said Bill Chaaban, CEO of Creative Edge Nutrition during an exclusive interview with MainStreet. "We're waiting on Health Canada to send an inspector out. They were anxious for us to be and up running, so I suspect the inspection will be done soon."
Creative Edge Nutrition also manufactures Aminoplex, a popular body building supplement.
"Cannabis and Aminoplex are both natural, but Aminoplex is more synthetic than medical cannabis," Chaaban told MainStreet. "We are a holistic company in the nutraceutical industry, so expanding into medical marijuana makes sense."Once approved, CEN Biotech will house the legal production and distribution under license with Health Canada of 1.3 million pounds of pot to be purveyed both domestically and worldwide.
At $8.00 a gram, 1.3 million pounds adds up to potentially $5 billion in sales a year with 80% profit margins at full capacity.
Chaaban's marijuana facility is costing $12 million to build in Windsor, Ontario -- right across the border from Creative Edge Nutrition's headquarters in Michigan.
"We've raised $20 million through an investment group called Global Holdings International that took a 25% equity stake called global holdings international," Chaaban said.
Just one month ago, CEN attracted professional whistleblower and private regulator John Germinario to serve as its chairman of the board of directors.