Medbox Granted Exclusive License on To Be Issued "Seed-to-Sale" Marijuana Monitoring Patent Company Controls Significant, Industry First Patent; Covers System for Identity Verification, Monitoring, and Development of Medicine in Marijuana Businesses
LOS ANGELES, May 16, 2014 Medbox, Inc. (OTCQB: MDBX) (www.medbox.com), a leader in providing ancillary services to the alternative medicine industry, dispensary consulting services, and patented medicine dispensing systems to medical and retail industries, today announced that the US Patent and Trademark Office (USPTO) has issued a notice of allowance on what company executives describe as the first "Seed-to-Sale" patent the marijuana industry has ever seen.
The patent application that was allowed by the USPTO describes a system used to:
- Verify the identity of a patient/consumer receiving medication;
- Monitor the dispensing of medication/product to the patient/consumer;
- Monitor the development of the medication/product, including tracking the location from which the seeds are obtained, cultivation and harvesting of the plant, and conversion into medication/product;
- Support a complete biometric chain of custody seed to sale system from cultivation facility to dispensary where dispensing can occur through Medbox's patented "Secure-Safe" technology for added security and transparency.
According to company executives, the patent has broad implications in the medical and recreational markets in the United States and will provide substantial opportunities in other countries in need of systems to control and track the distribution of medical marijuana. The company has engaged a patent litigation expert attorney to file for foreign patent protection in countries the company deems to be relevant, examine enforceability of the allowed claims, discuss weaknesses present within the allowed claims, and file a continuation application strengthening existing claims and adding new ones before the company requests the final patent to be issued.
"This is a significant and wide-ranging patent covering 'Seed-to-Sale' verification and monitoring," commented Matthew Feinstein, Vice President at Medbox. "From the start, our Medbox system was designed to provide comprehensive tracking and inventory management to help operators of cultivation facilities and dispensaries maintain stringent compliance with all state regulations, and this patent reinforces that Medbox is the first-mover and leader in this industry.
Company Founder and Senior Strategist Vincent Mehdizadeh added, "When I filed this patent in February of 2011, I envisioned that the content of the application would one day be an absolute necessity in the marijuana industry. As the majority shareholder and visionary behind Medbox, I am elated that my intuition paid off for the company and its investors. This patent will change the way we market our suite of services to individual clients, cities, states, and countries grappling with complex marijuana industry oversight. As documented in the licensing agreement filed with our registration statement with the SEC, all proprietary technology I have created, both pending and issued, has been granted exclusively to Medbox to bring added value to the company and its shareholders. As I transition into more of a 'Founder's Role' and let our seasoned professionals run the company, it is nice to see the fruits of my labor turn into a big score for the company."
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, through its wholly owned subsidiary, Medicine Dispensing Systems, offers their patented systems, software and consulting services to pharmacies, alternative medicine dispensaries and local governments in the U.S. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product. Medbox, through its newly established subsidiaries, is in development of the following ancillary services catered to the alternative medicine industry: merchant services and armored transport for cash deposits, cannabidiol research and development, real estate acquisitions and subsequent lease programs to alternative medicine dispensaries, and alternative medicine dispensary management services.
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, the enforceability of the patent covering the intellectual property discussed herein, as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
Medbox, Inc. is a publicly traded company, and is quoted on the OTCQB, ticker symbol MDBX.
For more information on Medbox, please contact (800) 762-1452 or go online to: http://www.medbox.com.
SOURCE Medbox, Inc.