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Easton Pharmaceuticals – EAPH (OTC)

Should you invest in Easton Pharmaceuticals? Recommendation: See below

Easton PharmaceuticalsEaston Pharmaceuticals, Inc. engages in the design, development, and marketing of drugs, therapeutic, and cosmetic healthcare products. It owns wound-healing drug and topically delivered drugs to treat cancer and other therapeutic products. The company was founded by John K. Easton on February 4, 1997 and is headquartered in Toronto, Canada.
Fundamentals

Overview:
HQ: Ontario Canada
Incorporated: in 1997 as LAM Industries. Become Easton Pharms in 2010.
Symbol: OTC: EAPH

Focus:
Easton Pharmaceuticals is more than a pharmaceuticals company. It does own and market drugs to treat cancer and other therapeutic products to treat other conditions. It is also developing a cannabis cultivation business. And it recently bought an interest in a Toronto real estate development project for residential housing. In August 2018, it also signed an LOI to buy a stake in a European casino resort.

Size: (US$)
Stock price: $0.01
Market Cap: $16.3
Enterprise Value: $14.2
Size in the cannabis industry: of 200+

Markets:
Primary: Easton owns and distributes pharma products in several countries. It just bought an operating Greek casino
Secondary: It is developing a cannabis cultivation business and we believe intends to sell wholesale.

Should you invest in Easton Pharmaceuticals? Recommendation: See below

Operations:  Weak
Cultivation:
Current production: 0
Future production: Unknown. It has enough ag land to produce over 200,000 kgs year but will need upwards of 2 years to make this happen if it dedicates to this goal.
Canadian market size: In 2017, the total Canadian cannabis market, including the black market, was estimated at roughly 600,000 kgs, or $4.8 billion. Health Canada predicts Canadian cannabis demand in early 2019, after adult-use legalization, could soon reach 1 million kgs/year, and up to $$8-10 billion in revenue in a few years. Current industry inventory is estimated at 300,000 kgs, implying a large shortfall later this year.
Distribution:
It has no cannabis production or distribution yet. It owns distribution rights to several drugs on several continents.

Financials: Weak  (no substantial revenue)

Management:
CEO: Evan Karras

Valuation:
Current share price: 0.01

Risks: High
All cannabis companies present risks due to the newness of the industry. This company is extremely risky since it has no revenue yet, and has, by one source, over 1 billion shares outstanding. This is an absurdly high number that puts shareholders in a weak position to make money.

Recommendation: Weak
With no revenue and a huge number of outstanding shares, this is not a company to invest in at the current time.


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