TORONTO, ON--(Marketwired - Jan 28, 2015) - Easton Pharmaceuticals Inc. (
Easton would like to provide further details and answers to questions posed to the company regarding current partnership aspirations shared with Medicated Markets International LLC, which includes expectations and future endeavours in both the US and Canadian medical marijuana markets.
Medicated Markets is currently narrowing down options for additional land purchases in Mendocino, California as well as Trinity County for an upgraded greenhouse facility build out. This joint venture initiative and land purchase timeline is set to complete sometime in the early spring.
Medicated Markets has also decided to enter the Toronto, Canada Medical Marijuana Market by setting up a dispensary location and allowing patients greater access to their medicinal needs. Medicated Markets has recently completed all preliminary due diligence on a dispensary and distribution site in Canada for Medical Marijuana. Currently Medicated Markets is actively searching for a retail location in the Greater Toronto Area. Co-distribution with current MMPR approved Health Canada Licensed Providers are in the initial stages of discussion but are fast moving and as such no additional details can be disclosed at this time.
Johnny Martinez, President of Medicated Markets, stated, "Our goals for this venture is much larger than joint dispensary locations in Toronto, Canada. We want to develop a topical patch and Gel delivery formulation to compete with other mouth spray type products currently available in the market as treatment. Topical Medical Marijuana for target site treatment of pain, skin and bone related medicinal use has been seen as an effective alternative to inhalation through the lungs."
American Academy of Pediatrics (AAP) also recognized marijuana may be a treatment option for kids suffering with "life-limiting or severely debilitating conditions for whom current therapies are inadequate." This pediatricians group will now suggest that the federal government change marijuana from a Schedule I illegal drug (where it's classified alongside heroin) to a Schedule II controlled substance, Levy stated. The U.S. Drug Enforcement Administration lists Adderall or Ritalin as examples of Schedule II drugs. We now believe rescheduling of Medical marijuana is imminent in US jurisdictions.
On January 20th 2015 Easton Pharmaceuticals had announced a stock swap agreement with Medicated Markets International LLC and has allocated 200 Million restricted shares of Easton's common stock to be held in escrow, as per agreement. In addition, payment of $100,000 has been wired to Medicated Markets and receipt of funds has been confirmed.
All responsibilities and liabilities with respect towards the medical marijuana business in California resides with Medicated Markets International. Easton is pleased and is confident it has partnered with knowledgeable and reputable company in Medicated Markets who share the same goal of moving the medical marijuana industry in both the United States and Canada successfully forward.
Medical cannabis is commonly used to self-treat, although not limited, severe pain associated with Cancer, arthritis, and musculoskeletal pain. As of June 2014, estimates from the office of Information Commissioner of Canada list "severe arthritis" as the reason that 65% of Canadians who are allowed to possess and use marijuana for medicinal purposes. Proposed initiative addresses site transmission of Transdermal marijuana extract to the site of the pain, without having to inhale through the lungs. Currently McGill University, McMaster University, and University of Guelph have research projects into Medical Marijuana in Canada.
The Medical Marijuana Movement in North America 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 other conditions that are all in various stages of development. Easton has completed an acquisition that grants 40% ownership interest in Medicated Markets International LLC; a California Licensed Medical Marijuana Grower on 20 acres (3 acre growing area). Easton has also made additional investments into AMFIL Technologies and their groZONE anti-microbial airflow system, and have an exclusive option to purchase up to 49% in a medical marijuana grow-op business post granting of license from Health Canada in Ontario, which has also 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.
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