Doctor David L. Dalton (CEO of Univec) partnered with AGRiMED Industries in October of 2017 to develop a cannabis transdermal patch. The primary thrust of this partnership was to develop a cannabis “medication” with the quality and consistency required for pharmacological utilization. One can read about this here, and notice it was Sterling Crockett one of the founders of AGRiMED who sought out Doctor Dalton, and it was AGRiMED Industries that released this news.
After the announcement of this partnership, AGRiMED Industries appointed Doctor Dalton to their Board of Directors (unheard of for a pink sheet non-reporting company). Later, Doctor Dalton was promoted to Vice Chairman of the Board of Directors, and just recently Doctor Dalton was promoted to Co-Chair of the Board. At every turn, the relationship between Doctor Dalton and AGRiMED has actually strengthened.
So why would a biopharmaceutical company like AGRiMED demonstrate confidence and support for a company that has been dormant for so many years. The answer can be better understood by examining Doctor Dalton’s history and connections in the pharmaceutical industry. Doctor Dalton founded and built many companies over the years.
Dr. David Dalton is a pharmaceutical executive. Dalton is honored as one of the top ten graduates over a 100 year span at the West Virginia School of Pharmacy. Doctor Dalton has been inducted into three Halls of Fame, and was awarded the Senatorial Medal of Freedom and is an Air Force Veteran. Doctor Dalton served in several capacities with Rite Aid Corporation from 1971 to 1989 including Corporate Vice President. He left Rite Aid Corporation to acquire Peoples Drug Stores with an investment Group inclusive of Robert Bass of Texas where he served as Senior Vice President. Dr. Dalton’s next venture, was Managed Care Rx which merged with a subsidiary of Bergen Brunswick, a drug wholesale company with sales in excess of 14 billion. After Managed Care Rx, Doctor Dalton’s next venture was founding a company called Health Resources, Inc. where he serves as President and CEO. Dalton also started Pharmacy Services, Inc., a prescription mail service company. Health Resources Inc. has been recognized in Black Enterprise Magazine for over 25 years. Doctor Dalton is also the President and CEO of Univec Inc. a public company which manufactures and distributes specialty pharmaceuticals. Physician and Pharmaceutical Services Inc, (PPSI) is the pharmacy sample services division of Univec. As mentioned earlier, Doctor Dalton is also Co-Chairman of Agrimed and Executive Chairman of Wellness Teladoc.
Dr. Dalton is one of the original members and directors of the National Council of Prescription Drug Programs (NCPDP). Doctor Dalton received national and local recognition by the President and Senate of the United States. In addition, the University of West Virginia recognized him as a Distinguished Alumni and again honored him as Outstanding Alumni of West Virginia School of Pharmacy and Outstanding Service recognition to the School of Pharmacy. Dr. Dalton was inducted into the Black CEO Hall of Fame in 2006. Honored by his hometown of Grafton, West Virginia as author of city slogan Grafton, West Virginia “The City where Mother’s Day Began” in 2009. He was inducted into the Taylor County School's Hall of Fame in 2013, and was inducted into the West Virginia University School of Pharmacy Centennial Hall of Fame in 2014.
Health Resources Inc. (HRI) is of particular interest for Univec/AGRiMED investors because Doctor Dalton recently confirmed HRI handles the electronic supply and billing for pharmaceutical products in over 70,000 pharmacies, and had revenues in excess of $182,000 million dollars last year. While there are no plans to fold Health Resources Inc. into Univec and AGRiMED at this time, HRI will none the less be utilized to supply each of the 70,000 plus pharmacies HRI currently services, and that means Univec products will be supplied to each and every one of them as well. Think of this people. Who else has such a reach? What would such a company be worth, and who else might be interested? And, we are only talking about one of several companies in this grouping of companies (UNVC/AGRiMED/SATIVEO/HCI) that are all working together in this brand new cannabis industry.
What will happen when Congress legalizes some or perhaps all forms of cannabis? CBD comes from hemp, and the Farm Bill which is expected to pass yet this year appears likely to allow hemp as a cash crop (hemp is where the medication comes from for the cannabis transdermal patch and much of the medical products expected to be produced). Exciting times ahead folks, exciting times ahead. A Merck deal of some kind only adds to that excitement, and makes this investment even greater.