Business
Easton Pharmaceuticals Secures Financing Commitment Towards Closing of Its Option on Canadian Medical Marijuana Facility and Business
Easton Pharmaceuticals Secures Financing Commitment Towards Closing of Its Option on Canadian Medical Marijuana Facility and Business.
About this update from Easton Pharmaceuticals Inc
[{"type":"text","content":"\n \n \n Easton Pharmaceuticals Secures Financing Commitment Towards Closing of Its Option on Canadian Medical Marijuana Facility and Business\n \n \nEaston Pharmaceuticals Secures Financing Commitment Towards Closing of Its Option on Canadian Medical Marijuana Facility and Business\n \n TORONTO, ON--(Marketwired - Oct 13, 2014) - Easton Pharmaceuticals Inc. (OTC: EAPH) announces it has sourced out and secured financing commitment for the full amount owed on its option to purchase its entire ownership interest on its Canadian medical marijuana Initiative.\n The financing commitment including cash the company currently has in hand is over and above what is required for Easton to close on its exclusive option agreement to purchase up to 49% of its Canadian medical marijuana business and initiative that has received a letter to build from Health Canada under the country's new MMPR system. The financing commitment is from a private Canadian accredited investor. The funding is to be forwarded to the Company upon receiving a Health Canada MMPR license as per the option agreement signed in June of this year. Complete terms to be disclosed at that time. The company is now focusing on reviewing agreements executed in June of this year when it purchased its option as well as receiving a detailed progress report on the status of the licensing process. Unfortunately, Easton is not able at this time to disclose any additional details on the MMJ property including any pictures of the facilities, which was previously stated in error.\n Carla Pepe, CEO of Easton Pharmaceuticals commented, \"We are pleased to have received the financing commitment which allows us to purchase and close on our entire option once the license has been received. The financing allows us to focus on other initiatives while we await a final license along with its partners. The commitment is solely for the Canadian medical marijuana initiative and is not to be utilized on any other business segments. Easton will continue to pursue other additional financing to further its other initiatives including its OTC products, its 2 drugs where it owns 50% and 10% of 2 drugs respectively, as well as having cash on hand to advance on other possible initiatives within the State of California it hopes to soon finalize and announce. This also includes its current partnership with AMFI...