Toronto-based Easton Pharmaceuticals Inc. (OTC: EAPH) announced on Aug. 22, 2018, it began discussions to buy an interest in a casino and hotel resort in Greece. This is one of just 9 casinos operating in Greece and is part of its plan to diversify into more lucrative market segments than pharma—including cannabis.
Easton owns topically delivered drugs to treat cancer and other therapeutic products to treat various conditions that are all in development.
Last August 2017, Easton paid Canadian-based Alliance Group $1.3 million for an interest in 45 agriculturally-zoned acres north of Toronto for the cultivation of cannabis. This is a large parcel, comprising almost 2 million sf. If Easton and Alliance build facilities and cultivates much of this in a reasonable time, they could become a major cannabis producer. But they are behind other cultivators and it’s not clear when they will cultivate, harvest and produce, or how much money the companies will dedicate to developing the land.
Easton’s CEO, Evan Karras, participated in the privatization of gaming in Greece in the 1990’s, knows the casino property, and has nurtured relationships in the gaming industry in Greece. “This casino was one of the most successful in Europe when it opened, and I am excited …having Easton participate,” he said.
The resort comes at a discount, with Easton assembling a specialized gaming team to manage the property. The property offers upside in the gaming and hospitality sector, along with redevelopment potential for luxury managed condominium vacation units.
Source Easton press release