Medbox Featured in Bloomberg Businessweek "The market is potentially huge… rising to $5 billion by 2018"
HOLLYWOOD, Calif., May 10, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented systems to the medical and retail industries, announced today that their company has been featured in an article in Bloomberg Businessweek. The report profiled the company, the management team, and the company's core product.
"The devices sit behind sales counters at state-licensed marijuana dispensaries. Biometric technology identifies the fingerprints of patients carrying state-issued medical marijuana cards," the article stated. "A database tracks everything so that patients can't buy more than their legal allotment, clerks can't pilfer the merchandise, and states can collect taxes."
With a Pew Research Center poll finding broad support for legalization, the legal and medical marijuana industry is gaining momentum. IBISWorld estimates legal sales this year will be $1.7 billion, rising to $5 billion by 2018.
"We are in the right place at the right time," according to Bruce Bedrick, CEO of Medbox. "We're the leading player in an industry that's ready to explode."
The Bloomberg article noted that while the industry may raise a few eyebrows, Medbox is actually a quite conservative company. "It's a conventional business model – which is the point," the article stated.
Where the product is already legal and controlled, states levy taxes, set hefty registration fees, and establish detailed regulations such as mandates for fungus testing. Washington State alone estimates marijuana taxes and fees could generate $2 billion in revenue over five years.
This new "gold rush," as Bloomberg described the growing marijuana industry, is going to become "as mainstream as Miller Lite."
To view the Bloomberg Businessweek article, visit: http://www.businessweek.com/articles/2013-05-09/medbox-dawn-of-the-marijuana-vending-machine#p1
The print edition of the Bloomberg Businessweek article will be distributed on Monday, May 13, 2013.
For more information on Medbox, visit: www.thedispensingsolution.com
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 quoted 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.
SOURCE Medbox, Inc.