Business
Easton Signs LOI with Licensed Producer of Cannabis to Expand its Operations and Participate in its Cannabis Edibles Division
Easton Signs LOI with Licensed Producer of Cannabis to Expand its Operations and Participate in its Cannabis Edibles Division.
About this update from Easton Pharmaceuticals Inc
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / March 27, 2019 / Easton Pharmaceuticals Inc. (OTC PINK: EAPH) announces that it has signed a Letter of Intent with a Licensed Producer of Medical Marijuana in Canada, whereby Easton will participate in the LP's expansion plans.In its ongoing efforts to diversify and enter into other lucrative sectors, Easton is pleased to announce that it has signed a Letter of Intent with a Canadian Licensed Producer of Cannabis, already in revenues from its cultivation and sales activities. Easton has been in discussions with this LP since January and has finally concluded an LOI whereby Easton, through its Development Division, will undertake the build-out of the LP's new Oil Extraction facility in exchange for an ownership interest in the LP. In addition, the LOI contemplates the LP supplying Cannabis in flower and oil form to Easton at a discount off market rates, giving Easton a further competitive advantage. The LP will receive an interest in Easton's Cannabis Edibles company, ensuring the consistent supply of high quality cannabis.Easton previously announced that the Company has signed an agreement to acquire a Toronto based commercial bakery and food preparation company which manufactures white labelled food products for third party food companies and its own line of niche food product lines, sold in major grocery chains, as well as specialty coffee chains. The company has an R&D division with product development and has begun discussions with food chains in order to develop and supply cannabis edible products. Easton expects the sales of its edibles division to exceed $100 million.Easton and the LP will now proceed to work on the terms of a Definitive Agreement and complete the transaction as quickly as possible. More information will be released once approved.About Easton PharmaceuticalsEaston Pharmaceuticals 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 drug 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, together with BMV Medica S.A. own the exclusive distribution rights in Mexico and Latin America for two pat...