Easton Pharmaceuticals Announces the Closing of Medical Marijuana Agreement With MDRM Group (Canada) Ltd., on Purchasing an O...
June 02 2014 - 7:55AM
Marketwired
Easton Pharmaceuticals Announces the Closing of Medical Marijuana
Agreement With MDRM Group (Canada) Ltd., on Purchasing an Ownership
Interest in a Growers License in Canada's Federal Medical Marijuana
Industry
TORONTO, ON--(Marketwired - Jun 2, 2014) - Easton
Pharmaceuticals Inc. (OTC: EAPH) announces it has signed an
agreement to purchase an interest in a pending medical marijuana
operation.
After several months of painstaking negotiations with several
medical marijuana (MMJ) initiatives and companies in the lucrative
MMJ industry in both the United States and Canada, Easton
Pharmaceuticals is pleased to announce that it has entered into an
agreement with Canadian based MDRM Group (Canada) Ltd., a
wholly-owned subsidiary of Modern Mobility Aids, Inc., a Nevada
corporation (OTCBB: MDRM). The agreement allows Easton to purchase
up to 49% of a private Canadian medical marijuana company which has
submitted an application for a federal growers license and has
received a letter to build from Health Canada under Canada's new
MMPR system.
The agreement provides Easton Pharmaceuticals with an exclusive
option to purchase any amount between 10% and 49% of the private
medical marijuana company with no funds being advanced until the
license has been granted by Health Canada. The private MMJ company
has been in receipt of the letter to build from Health Canada for
the past several months, has already finalized its build-out of its
growing facility and is awaiting a final inspection prior to
receiving its growers license. The private medical marijuana
company whose name is being kept confidential until its final
inspection has been completed, is one of what is believed to be a
limited number of companies who have received letters to build from
Health Canada, with only 13 companies having thus far received MMPR
licenses in Canada. The application and growing facility of the
private medical marijuana company is currently for approximately
5,000 sq. ft. of growing space. The facility is situated on acreage
already zoned for agriculture and allows for the expected and
planned expansion to accommodate a maximum of 50,000 sq. ft. of
growing space.
Presently, Easton Pharmaceuticals maintains cash on hand to
purchase approximately one-half of its exclusive option with
additional commitments from its finance partner for up to another
$5 Million in additional financing which would allow Easton to
purchase all of its option from MDRM Canada.
This agreement represents the first and potentially the most
lucrative medical marijuana agreement that Easton has closed on
with other anticipated closing agreements and announcements in the
medical marijuana industry. Easton Pharmaceuticals additionally
announces it has signed an LOI agreement and has entered into
negotiations with UMED Health and Wellness Centers who currently
own an operating medical marijuana dispensary in the State of
Michigan who maintain approximately 1500 patients. Easton's
discussions involve an investment into UMED as well as the opening
of new additional dispensaries in the State of Michigan where
Easton would potentially maintain a majority ownership in.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a specialty pharmaceutical company
involved in various pharmaceutical sectors including medical
marijuana, that owns, designs, develops, and markets
topically-delivered drugs and therapeutic / cosmetic healthcare
products, focused on cancer and other health issues related towards
male and female sexual dysfunction, wound healing, pain, motion
sickness, scar and stretch marks, cellulite, varicose veins and
other conditions. The company's gel formulation is thought to be an
innovative and unique transdermal delivery system. Easton
Pharmaceuticals' product "VIORRA" is an over-the-counter,
topical daily use product and aid for the treatment to restore and
improve vaginal moisture and elasticity which is believed to have a
positive effect on women's sexual desire and arousal, FSAD (Female
Sexual Arousal Disorder); the world market for these female
conditions and the medical marijuana industry is conservatively
estimated to be in the billions.
For More Information Visit:
http://www.eastonpharmaceuticalsinc.com
Safe Harbor
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding of
discussion, the words "anticipate," "pleased," "plan," "confident
that," "believe," "expect," "possible" or "intent to" and similar
conditional expressions 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. There are no guarantees or assurances that any
proposals, initiatives or negotiations will result in what the
company had originally intended. Any investment made into Easton
Pharmaceuticals would be classified as speculative and risky. 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.
Contact: Carla Pepe Easton Pharmaceuticals Inc. Tel: +1(416)
619-0291 Tel: +1(347) 284-0192 Email:
info@eastonpharmaceuticalsinc.com
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