TORONTO, ON--(Marketwired) - Easton Pharmaceuticals Inc. (OTC PINK: EAPH) announces it has signed an agreement with Medicated Markets International LLC., a major California medical marijuana grower.
Easton Pharmaceuticals has been in search of and intent on entering the lucrative Medical Marijuana cultivation and distribution industry via the acquisition of a grower via a direct investment or through a partial reverse merger / acquisition. Easton Management is pleased to announce that both Medicated Markets and Easton Pharmaceuticals have reached an agreement in principle. Easton had intended to announce the progress made prior to the Christmas holidays on December 23rd but the holiday season and the California companies prior commitments made this date not attainable. Information withheld within this release shall be mentioned and highlighted in subsequent releases upon finalization of a final executed agreement has been which shall provide shareholders with a detailed outline of a final agreement reached with "Medicated Markets International LLC."
Medicated Market's assets include: Two Nursery locations (20 acres) in the City of Perris, Riverside county and one main growing location in Mendocino County with a total actual growing area of approximately 3 acres. The Sites have a history of no less than three years of growing Medical Marijuana for resale to Dispensaries in the Los Angeles area. Affiliated farm names, the nursery locations including addresses are to be provided on the date of execution of a finalized agreement expected in January of 2015.
With the Letter of Intent executed and the majority of the conditions being checked off which included a company audit, proof of effective implementation of the GroZone technology through AMFIL Technologies, clarification on financing and a clear path to patient acquisitions in Canada having been demonstrated; current negotiations have now entered the advanced stages. A medicated markets delegation including having its master grower visiting with Easton management during the weekend of January 10th, will lead to an additional update including the total number of growing plants, strains, current dispensaries being serviced including names and addresses of those dispensaries and any other pertinent information. Easton is attempting to provide as much transparency as possible as history has demonstrated that most North American Grow operations within the Medical Marijuana Industry have for the most part been hesitant on not releasing too many details due to the fact medical marijuana has not yet been federally legalized although many states have moved forward with legalization.
The Medical Marijuana Movement in North America was started in California, which was the first state to establish a medical marijuana program, enacted by Proposition 215 in 1996 and Senate Bill 420 in 2003. Prop. 215, also known as the Compassionate Use Act, was approved by an initiative with a 55% majority, allowing people with cancer, AIDS and other chronic illnesses the right to grow or obtain marijuana for medical purposes when recommended by a doctor. SB 420, or the Medical Marijuana Protection Act, was signed into law by Governor Gray Davis and established an identification card system for medical marijuana patients. Marijuana advocates are hopeful that if they can get a legalization measure on the ballot in California in 2016, it will pass and federal reform will follow shortly afterwards.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a specialty pharmaceutical company involved in various pharmaceutical sectors and others industries such as medical marijuana. The Company previously owned an FDA approved wound healing drug and currently owns topically-delivered drugs and therapeutic / cosmetic healthcare products focused on cancer and other health issues geared towards female sexual dysfunction, wound healing, pain, motion sickness and other conditions that are all in various stages of development. The company has ventured into the potentially lucrative medical marijuana industry through an investment into AMFIL Technologies and their groZONE anti-bacterial system and the exclusive option to purchase up to 49% in a medical marijuana grow-op business / facility which has received a letter to build from Health Canada. The company's gel formulation is thought to be an innovative and unique transdermal delivery system that can in the future be adaptable in the delivery of Cannabidiol extracts.
This news release may contain forward-looking statements or expressions within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when certain words or phrases such as "hope", "positive", "anticipate," "pleased," "plan," "confident that," "believe," "expect," "possible" or "intent to" and similar conditional expressions are expressed, they are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Any investment made into Easton Pharmaceuticals may be classified as speculative and may contain risks. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing, government approvals or changes to proposed laws and other risks and uncertainties further stated in the company's financial reports and filings.
SOURCE: Easton Pharmaceuticals Inc