Medbox Launches Real Estate Practice for Licensed Marijuana Operators Announces Partnership with MJ Holdings for Real Estate Financing Opportunities
LOS ANGELES, May 27, 2014 /PRNewswire/ -- 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 it has entered into an agreement with MJ Holdings, Inc. (OTCQB:MJNE), a publicly traded company that provides real estate financing and related solutions to licensed marijuana operators. Medbox will market MJ Holdings' real estate financial products and offerings to its roster of consulting clients and will direct all incoming real estate related opportunities to MJ Holdings.
Dr. Bruce Bedrick, Medbox CEO stated, "Over the past several years Medbox has been engaged by more than 400 clients in six states to help entrepreneurs and investors secure licenses, identify locations and build-out dispensaries. We have developed unparalleled expertise as consultants and thought leaders in bringing a philosophy of security, safety and compliance to the legal marijuana industry."
Dr. Bedrick added, "We are now pursuing business opportunities that leverage our industry positioning, including this announcement regarding the launch of our real estate financing practice. By partnering with MJ Holdings we can immediately offer real estate financing and related opportunities to our existing client base and accelerate our penetration into this market."
MJ Holdings co-CEO, Adam Laufer, added, "No other company in the marijuana space has the experience and visibility that Medbox does and we look forward to the opportunities that flow [to us] from this relationship."
Under the agreement, Medbox will receive a 50% share of management fees and profits realized from the real estate opportunities it presents, in addition to warrants to purchase shares in MJ Holdings.
This agreement caps off an exciting week for Medbox as the company was featured by Entrepreneur Magazine as one of the "100 Brilliant Companies of 2014" currently on newsstands.
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 R&D, real estate acquisitions and subsequent lease programs to alternative medicine dispensaries, and alternative medicine dispensary management services.
About MJ Holdings, Inc.
MJ Holdings, Inc., a publicly traded company (OTCQB: MJNE), acquires and leases real estate to licensed marijuana operators, including but not limited to providing complete turnkey growing space and related facilities to licensed marijuana growers and dispensary owners. Additionally, MJ Holdings plans to explore ancillary opportunities in the regulated marijuana industry. For more information please visit us at www.mjholdingsinc.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 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.
For more information on Medbox, please contact the company at (800) 762-1452 or go online to www.medbox.com.
SOURCE Medbox, Inc.