Medbox Granted "Seed- to-Sale" Marijuana Monitoring Patent by USPTO Company Controls Significant, Industry First Patent; Covers System for Identity Verification, Monitoring, and Development of Medicine in Marijuana Businesses
LOS ANGELES, Sept. 2, 2014 /PRNewswire/ -- Medbox, Inc. (OTCQB: MDBX) (www.medbox.com), a leading dispensary infrastructure/licensing specialist, patented technology provider, and partner to the cannabis industry, today announced that the US Patent and Trademark Office (USPTO) has issued patent #US8818820 and assigned it to Medbox, Inc.
The patent 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.
"This is one of many patents in our IP portfolio but we consider this patent in particular to be our most important one to date," 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 our company's position as one of the leaders in this industry."
About Medbox, Inc:
Medbox (http://www.medbox.com) is the leading dispensary infrastructure and licensing specialist, patented technology provider, and partner to the cannabis industry. Headquartered in Los Angeles, CA, Medbox, through its wholly owned subsidiary, Medicine Dispensing Systems, offers its 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 tailored 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.