Easton Pharmaceuticals Inc (OTCMKTS:EAPH) shares jumped 25% on Monday to $0.0115 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.02. The company has a market cap of $9.97 million at 923.73 million shares outstanding.
Easton Pharmaceuticals Inc is a development-stage company engaged in various pharmaceutical sectors and others industries. It has a transdermal delivery technology called Viorra Delivery Matrix or VDM, which is incorporated in a line of therapeutic over-the-counter products.
With that, the company owns topically-delivered drugs and therapeutic or cosmetic healthcare products focused on cancer and other health problems geared towards female sexual dysfunction, wound healing, pain, motion sickness and other conditions. These products, which include Nauseasol, which is a motion sickness gel, Skin Renou HA, which is an anti-aging wrinkle cream, Kenestrin Gel, which is a is a pain relief gel, Viorra, which serves as an aid to the relief of female sexual arousal disorder, and XILIVE, which is an early-stage cancer drug are in various stages of commercialization.
Easton Pharmaceuticals Inc has also demonstrated its intention to tap into the marijuana market, which is poised to grow to a $20 billion industry by 2020. This follows the successful November 8 vote to legalize the use of medical or recreational marijuana in several states.
In a recent press release, the company confirmed that it has been in negotiations with several advanced staged license applicants in both Canada and now Jamaica. Mexico and Brazil currently allow the importation of marijuana while Canada is expected to federally approve recreational marijuana use by early next year, adding to another potentially huge market.
In line with this, Easton Pharmaceuticals Inc has entered into negotiation to file an application in Jamaica for the purpose of growing and exporting medical concentrated marijuana into various countries including Canada, Mexico, and Brazil. Cannabis can easily be grown outdoors in Jamaica’s moderate climate, thereby reducing costs for temperature control and providing increased margins and profitability compared to growing in various US states or in Canada.
The company believes that it can export concentrated medicinal marijuana through its distribution network in Mexico and other parts of Latin America where the importation of medical marijuana is legal. It also plans on being one of the first companies to supply medicinal concentrated marijuana to licensed producers in Canada and is working on the necessary arrangements even before it is legalized.
Easton Pharmaceuticals Inc believes that the fast-growing medical marijuana market will be a good compliment to its other existing business sectors which cater to cancer and women’s diagnostic products. Earlier in the month, the company nd partner BMV Medica SA have received a preliminary proposal from a major multi-national pharmaceutical company for its regulatory approved, patented VagiSan in Mexico and Ecuador, which confirms that it understands the sales growth opportunities in Mexico and other parts of Latin America, which are some of the fastest growing territories in the world.
Also, the company has made investments through AMFIL Technologies, which is a company involved in medical marijuana and other industries as well as advancing funds towards another Canadian medical marijuana initiative. One product that is in focus is its gel formulation that can be adaptable in the delivery of other drugs and Cannabidiol extracts.