Easton Pharmaceuticals seeking investment in medical marijuana industry

TORONTO — Easton Pharmaceuticals on Thursday announced it is speeding up negotiations with an Ontario-based company toward forming a possible investment/partnership toward their medical marijuana initiatives, which includes participating in their government application for both a growers and distributorship license in Canada and other possible international initiatives. 

This company has obtained some private financing, allowing it to recently file an application for licenses and expressed confidence of a government approval; however, that approval is not guaranteed, Easton noted. Additional updates and details on these discussions, including a possible agreement, are expected to be announced shortly.  

As of Jan. 1, the world's first marijuana shops opened for business in Colorado, with more planned for Washington state in the United States. In Uruguay, the first country to legalize marijuana, the government will oversee the sale of marijuana this spring, and in Canada, where public support of marijuana has never been higher, new medical marijuana laws will usher in a free market that produces high-quality cannabis to support a rapidly growing number of users. 

In the United States, there are 20 states that permit medical marijuana use with New York state planning to do the same. Two of the 20 states plan to include provisions for recreational use. A recent CNN survey found that 55% of Americans support legalizing marijuana, up from 16% several years ago. 

According to a report by the financial news firm See Change Strategy, the medical marijuana industry could conservatively reach nearly $9 billion nationwide in the United States within five years, as more states in the United States clear the way to likely legalize marijuana for medicinal purposes.