EAPH just announced, pursuant to its closing agreement with Canadian based “Alliance Group”, EAPH has advanced $575,000 towards its acquired interest in 45 acres of a 135-acre fully owned parcel of land for the cultivation, production and sale of medical / recreational marijuana to the cannabis industry and towards other revenue producing businesses.
Easton Pharmaceuticals Inc (OTC:EAPH) bills itself as a specialty pharmaceutical company that designs, develops, and markets various topically-delivered drugs and therapeutic health care products.
According to company materials, “EAPH is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries. The Company previously developed and owned an FDA-approved wound-healing medical device and currently owns topically delivered drugs to treat cancer and other therapeutic products to treat various conditions that are all in various stages of development and approval. Easton has partnered with BMV Medica and together, own the exclusive distribution rights in Mexico and Latin America for patented women’s diagnostic and preventative care products, along with two generic cancer drugs Paclitaxel and Docetaxel.”
Moreover, products include Nauseasol, a motion sickness gel; Skin Renou HA, an anti-aging wrinkle cream using hyaluronic acid, which keeps the skin smooth; Kenestrin Gel used for arthritis, knees, elbows, shoulders, wrist, and back pain; Viorra, a hormone free, non-toxic, and topical gel that improves sexual functioning of women; and female sexual arousal disorder drug.
EAPH is apparently also developing XILIVE, an early stage cancer drug. In addition, it is involved in the medical marijuana business. It was formerly known as LAM Industries, Inc. and changed its name in March 2010.
As noted above, we have reported in the past that EAPH was “involved” in the medical marijuana space. However, it has been tough to see clear operational signs that the pot segment was being actively emphasized by management or the board.
However, this latest move suggests more tangible commitment to that pursuit.
According to the company’s latest release, “pursuant to the agreement, Easton Pharmaceuticals has thus far paid $575,000 CDN of $1.3 million CDN to Toronto based Alliance Group to acquire an interest in 45 acres of agriculturally zoned land north of Toronto, Ontario, Canada to cultivate, produce and facilitate the sale of its production of medical marijuana and other lucrative revenue producing businesses on a co-managed basis. Alliance has already initiated the process to legally grow medical / recreational marijuana which it anticipates receiving and conveying positive news on within the next 30 to 60 days. Until such time that approvals and revenues can be generated with cultivating and distributing medical / recreational marijuana, Easton will receive 50% of all revenues on Alliance’s aggregate businesses, which will start generating revenues within the next 30 days with contracts and purchase orders currently in place which will be announced on a subsequent release. The aggregate business is estimated to generate several millions of dollars in its first year with significant profit margins. Easton’s investment and guarantee on revenues are further securitized by the 135-acre property which has recently been given an independent appraised value in excess of $8,000,000, substantially greater than the original estimate used for Easton’s investment.”
The CEO of Alliance Partners stated, “We are very pleased to have entered and closed with Easton Pharmaceuticals as we believe Easton’s investment and partnership will be very lucrative to both parties. Additional positive updates are forthcoming.”