Medbox Targets Newly Emerging $1.3 Billion Canadian Medical Marijuana Market
Company to provide systems and license application services to entrepreneurs
WEST HOLLYWOOD, Calif., Oct. 1, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented systems to the medical and retail industries, announced that they will begin to provide their secure dispensing systems and turn-key consulting services in Canada.
According to an article published in the Calgary Herald, Health Canada is phasing out an older system that mostly relied on small-scale, homegrown medical marijuana of varying quality. In its place, large indoor marijuana farms certified by the RCMP and health inspectors will produce, package and distribute standardized product.
The government is placing no limits on the number of these new facilities, which will have mandatory vaults and security systems.
"The Canadian market presents a significant growth opportunity for our company," stated Dr. Bruce Bedrick, Chief Executive Officer at Medbox, Inc. "The government has mandated that marijuana is stored in secure systems, and dispensed in a tightly controlled environment. The Medbox patented system is the premier means of providing secure storage and dispensing," he added. "We expect that our expertise and leadership position in medical marijuana clinic operations in the United States, along with our patented storage and dispensing systems, and our unparalleled track record in helping entrepreneurs secure marijuana dispensing licenses, will be warmly received by the Canadian government and by those applying for operating permits.
156 firms have applied for lucrative producer and distributor status since June, with the first two receiving licenses just last week.
Revenues for the burgeoning new industry are expected to hit $1.3 billion a year by 2024, according to federal projections.
The Calgary Herald article may be viewed here.
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.
SOURCE Medbox, Inc.
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