Medbox Focuses on Newly Emerging Medical and Recreational Marijuana States
Company sets a revenue goal of $5 million per state
WEST HOLLYWOOD, Calif., Sept. 19, 2013 /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, announced that it has been contracted to file dispensary license applications and build-out facilities in the states of Vermont, Massachusetts, Connecticut, Oregon, Illinois, and Nevada. The company also reports that it has been contracted to obtain recreational retail licenses and build out facilities in the states of Washington and Colorado for its clients.
Licenses in these newly emerging medical and recreational markets are limited, and competition between applicants will be fierce. However, according to Medbox executives, the company is leveraging its unprecedented successes in the Arizona dispensary licensing program to achieve success in these new target markets. The company has set a revenue goal of $5 million per state in consulting and technology sales.
"We have a proven track record of taking care of business for our clients and getting results," stated Dr. Bruce Bedrick, Chief Executive Officer at Medbox, Inc. "We have filed our applications in Vermont and Massachusetts for our clients and we are eagerly awaiting filing additional applications for our clients in Connecticut, Nevada, and Illinois when those licensing periods commence over the course of the next few months. This is truly an exciting time for Medbox and also the industry at large."
According to company executives, there has been evidence of overzealous consultants that are preying on the public by giving unrealistic success rates, overpriced services, and duplicate work product to multiple parties competing against each other for the same dispensary license.
"Part of what sets us apart in our consulting is our technology that is an integral part of our application protocol. However, one of the key differences between Medbox and other consulting firms is our devotion to our clients," stated Vincent Mehdizadeh, Chief Operations Officer at Medbox, Inc. "Each Medbox client is designated their own 'zone' within a state where only that client may apply, and as a result we prohibit competition between our clients. While other consulting firms are piling clients on top of one another with the same cookie-cutter business plans, we aspire to give a different level of service to our clients. That kind of personal attention is not lost on our clients, which is why we often receive repeat business and referrals."
To assist in the additional workload, the company responded by hiring in-house counsel. Ms. Karen Greenstein is licensed to practice law in both Massachusetts and California and has extensive experience with state licensing boards.
"The addition of Ms. Greenstein to our talented roster allows us to improve internal efficiency and overall legitimacy as the leader in the medical marijuana consulting business," stated Dr. Bedrick. "We are happy to have her and look forward to her assistance as we reach towards our goals, for clients and shareholders 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. Medbox has offices throughout the world, including New York, Arizona, Connecticut, Massachusetts, Florida, 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. 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.
For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.medboxinc.com.
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.
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