WEST HOLLYWOOD, Calif., March 6, 2014 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries, today announced a new, expanded licensing agreement with Bio-Tech Medical Software, Inc. (Bio-Tech).
Bio-Tech is an innovative corporation that has developed the BioTrackTHC marijuana cultivation tracking system. Bio-Tech has been in business since 2007 and has been involved with multiple state bills in both Florida and Colorado. Most recently, they were awarded the Washington State software contract to oversee that state's recreational marijuana program.
Medbox provided patented tracking and dispensing technologies at the point of sale at licensed marijuana dispensaries. As a result of this amended licensing agreement, Medbox technologies can provide "seed to sale" tracking, covering every aspect of marijuana cultivation and inventory management, all the way to the point of dispensing.
"This synergy is important for Medbox and this agreement provides us with a comprehensive offering," commented Dr. Bruce Bedrick CEO of Medbox, Inc. "This complete, all-in-one solution can be marketed to operators around the country, in both medical and recreational marijuana states. In addition, this powerful compliance tool will also be showcased for educational and demonstration purposes for state officials looking to learn how to implement and track state-adopted medical and recreational marijuana programs in their respective states.
Company executives commented that as part of the agreement, Medbox will receive 25% of the sales price, licensing fees, or other revenues generated from any direct referrals that result in sales to Bio-Tech.
"As we move forward in our growth as a company, we have been approached by city governments looking to implement city-wide Medbox systems to track dispensing and mitigate abuse at these marijuana dispensaries," added Dr. Bedrick. "With this licensing agreement and working relationship with Bio-Tech intact, we are poised to showcase an industry-leading suite of products and services for entrepreneurs and city/state governments alike."
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. Headquartered 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. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product.
Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.
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. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information on Medbox, please contact us at (800) 762-1452 or go online to www.medboxinc.com.
SOURCE Medbox, Inc.