TORONTO, ON--(Marketwired - Apr 20, 2015) - Easton Pharmaceuticals, Inc. (
Easton Pharmaceuticals has demonstrated its intent to enter the marijuana industry in the United States and Canada, starting with its agreement with Medicated Markets, LLC within the State of California. Easton has now executed a signed agreement to engage in the Marijuana industry within the State of Colorado. The letter was signed with Joseph Tremolada of Cultiv8, LLC whereby Easton will enter into an agreement to lend funds for the purchase of a state-licensed recreational marijuana dispensary, "Doctors Garden," from Colorado Product Services, LLC. The licenses will be transferred to Cultiv8, LLC upon approval of the final closing agreement. Doctors Garden reported $1,143,103 in annuals sales to the Department of Revenue (DOR) for the year ending December 31, 2014.
Joseph, the owner of Cultiv8, LLC, received his Bachelor of Science in Business with a concentration in Finance from Sonoma State University. Joseph is a business professional experienced in marijuana production, leasing, property management, financial planning and market analysis. He began his career growing for collectives in Northern California, and moved to Colorado where he managed 15,000 sq. ft. of state-licensed cultivation for nearly 2-years. Joseph is currently a consultant for marijuana businesses and a fundraiser at Americans for Forfeiture Reform. Joseph met the two-year state residency requirement to apply for ownership with the state licensing authority last year. https://www.linkedin.com/profile/view?id=16964655
Doctors Garden was the first dispensary approved to sell recreational marijuana in the Roaring Fork Valley on January 15, 2014. The purchase is a strategic acquisition of a marijuana dispensary in a beautiful mountain town off the only major highway providing winter access to Aspen, a popular ski resort and tourist destination. http://doctorsgardendispensary.com/contact/
Upon execution of a final closing agreement, Easton intends to purchase a cultivation facility and lab that would supply the dispensary and wholesale market with marijuana and Easton's infused product formulations within the State of Colorado. Easton would profit by lending money, leasing real property and assigning intellectual property. The final closing agreement is subject to approval by state and local licensing authorities, but its framework will be based on agreements that have been approved.
https://www.colorado.gov/pacific/enforcement/marijuanaenforcement. Additional details and updates to be disclosed as they become available.
Prior to the legalization of recreational marijuana, the Department of Revenue (DOR) reported $386 million in medical marijuana sales for the year-ending December 31, 2013. At a market rate of $220 per ounce, this translates to roughly 54.8 tons of dried marijuana. Combined medical and recreational marijuana dispensaries reported approximately 148,000 pounds of marijuana that was sold to customers in both segments of the industry for the year-ending December 31, 2014. Recreational marijuana accounted for 26 percent of the legal marijuana sold throughout the state for the year-ending December 31, 2014. Doctors Garden reported $1,143,103 in annuals sales to the Department of Revenue (DOR) for the year ending December 31, 2014. https://www.colorado.gov/pacific/sites/default/files/2014%20MED%20Annual%20Report_1.pdf
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 a partnership agreement with Medicated Markets International, 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.
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Safe Harbor
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 would 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.
Contact Information:
Contact:
Carla Pepe
Tel: +1(416) 619-0291
Tel: +1(347) 284-0192
Email: info@eastonpharmaceuticalsinc.com