Medbox Comments on Federal Tolerance of State Marijuana Laws
HOLLYWOOD, Calif., May 14, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry-specific consulting services and patented systems to medical and retail businesses worldwide, commented on the federal tolerance of state regulated marijuana distribution programs.
The company's business strategy is specifically not to "touch" marijuana, but to provide the essential infrastructure to allow state departments of health (and similar state agencies) to monitor and regulate activity. To situate itself in a leadership position, the company has been avidly acquiring complimentary technologies to that of its existing line of products. Its seed-to-sale software and hardware do not facilitate growth or distribution of marijuana, but allow for tracking of these activities by operators and state regulators alike – an essential function of a well-regulated market. These nuances (facilitating the actual activity versus enabling tracking of the activity) are critical, and the company applies several internal tests when evaluating acquisition candidates, one of the most important being the company's intention to remain within what it perceives to be a safe harbor by not "touching" marijuana or facilitating its growth or distribution. The company provides tools that increase business efficiency and always enhance or promote regulatory compliance.
The company's recently filed Form 10 discusses the history of the Medbox machine. Our company's senior consultant and founder of the company's lead revenue generating subsidiary, Medicine Dispensing Systems, recognized the need for greater regulation and a system that could provide security. As a result, the Medbox was born. The company has consistently built upon that founder's experience to assure that future products would fit securely within a perceived safe harbor and would launch the company on its present path to be a resource to state regulators and develop, acquire, and expand technologies that would enhance regulation and not circumvent or abuse it.
Numerous industry reviews (including a recent Fortune magazine cover story in the March 21, 2013 issue, as well as the most recent Bloomberg Businessweek feature story on Medbox, currently on newsstands) make clear there is in fact a distinction between "facilitating" the activity versus "controlling" the activity. Medbox maintains its operations within the permitted activity of this bright-line distinction.
"We applaud the Wall Street Journal, Bloomberg, Fortune Magazine, and the many other news agencies that have reported a fair and balanced view on this burgeoning industry in its infancy," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "While we have always stated publicly that the federal government does not condone this industry, we feel they are tolerant as long as industry participants act responsibly and do not abuse the freedoms granted under the government's more forward-thinking and lenient approach to this issue."
Besides the company's aggressive position on touching all phases of ancillary marijuana related businesses, they have also moved forward in discussions with a small pharmacy chain to pilot the Medbox Lockbox Rx™ pharmacy storage and retrieval device for traditional prescription medications dispensed inside pharmacies. The company plans on disclosing more information on these pilot placements as a definitive agreement is executed between the parties within the next few months.
About Medbox, Inc:
Medbox is a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise. Medbox has offices throughout the world, including New York, Arizona, Connecticut, Massachusetts, Tokyo, London and Toronto, and has their corporate headquarters in Los Angeles.
Medbox provides their patented systems, software and consulting services to pharmacies, dispensaries, urgent care centers, drug rehab clinics, hospitals, prison systems, hospice facilities, and medical groups worldwide.
Medbox, Inc. is a publicly traded company, and is listed on the OTC Markets, ticker symbol MDBX.
For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.medboxinc.com.
Forward-Looking Statements: The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry, political conditions and economic conditions in the states considering such legislation. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
SOURCE Medbox, Inc.