Medbox Featured in Huffington Post Report on the Legal Marijuana Industry
HOLLYWOOD, Calif., Feb. 25, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), CEO Dr. Bruce Bedrick was featured in a Huffington Post Report that compared investing in the legal marijuana industry to investing in the beginning of the personal computer revolution. "As states decriminalize marijuana, entrepreneurs and investors are looking at ways to finance and profit from the industry," the report stated. Furthermore, ancillary businesses that provide services to the industry, like Medbox, may offer a significant growth opportunity.
The industry is exploding, according to Troy Dayton, CEO of the ArcView Group. "There's a geyser that's about to go off and marijuana could be the next great American industry," he said. And rather than invest in the actual crop, it is a much safer to invest in the businesses that supply services to the industry. "That's why a lot of focus is on the ancillary businesses," he said. "There's so much more opportunity in those spaces."
Jeffrey Miron, Senior Lecturer in Economics at Harvard University said that major companies may soon become involved in the industry, possibly through acquisition. "I'm sure that big businesses will want to get involved," he said. The respected economist and former chairman of the Department of Economics at Boston University expressed confidently that "Certainly some big player is going to get involved."
"The industry is between $1 and $50 billion annually, and it's growing," Brendan Kennedy, CEO of Privateer Holdings stated. "There's a feeling like it's 1996, before the Internet revolution."
Huffington post moderator Alyona Minkovski said that other companies may not be able to enter the Medbox niche.
"It's all about our patents," Dr. Bruce Bedrick, CEO of Medbox stated. "Our technology is for the safe storage and automated dispensing of all pharmaceuticals, not just medical marijuana. However within that niche we are also one of the industry's leading and most successful consultants," he added.
Medbox consults with state regulatory commissions as to compliant and transparent means of program implementation, and also helps people open a dispensary by taking them through the lengthy and complicated licensing process, that culminates in a technology sale to the newly licensed operator. "We have the safest, most secure way of storing and dispensing the medicine," Bedrick stated. "Safety, security, control, and compliance are what we are all about."
To view the report in its entirety, please visit: http://live.huffingtonpost.com/#r/segment/financing-marijuana-/5122eb0d02a7605626000563
In other news, the company clarified that the transactions executed with the private investment firm that were announced last week involved restricted common stock issued directly from the company that have a minimum hold time of 1 year before being eligible for resale on a public market. In total, 2 agreements were executed January 17, 2013 with the entity. The first was for a purchase of $5 million dollars worth of restricted shares at market rate at the time, which was $70 per share, amounting to 71,428 shares. The second transaction was for a total of 100,000 shares at $1,000,000. The average share price for the 2 transactions was $35 per share for restricted common stock. The transactions are not contingent on any criteria to be performed by Medbox.
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.