Medbox to Establish up to 30 Medical Marijuana Dispensaries in San Diego
Company to erect new turn-key dispensaries equipped with patented technology
HOLLYWOOD, Calif., March 6, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), announced that the company will be engaging a new target market for its consulting services and equipment sales. The City of San Diego effectively declared an end to their war on medical marijuana with a letter from Mayor Bob Filner ordering civil prosecutors to stop the crackdown on dispensaries.
In the letter sent to the police chief, city attorney, and the city's Neighborhood Code Compliance Department, Filner instructed the departments to halt all prosecutions of city zoning code violations of medical marijuana dispensaries.
The City Attorney responded to Filner's call for an end to the prosecutions in a letter that said, "We will, of course, comply with that direction."
At present, the City Council is busy drafting an ordinance that would allow for safe access while also ensuring secured control of the drug. The council is expected to finalize the ordinance on March 19th opening the doors for a dispensary permitting period. Medbox has boots on the ground in San Diego and is already securing leases within the city, with careful adherence to all regulations and distance parameters. The company aspires to opening a maximum of 30 Medbox branded San Diego dispensaries for both new and existing consulting clients in Southern California. Medbox has already received deposits on 12 locations within the city and will be accepting more clients as additional lease locations are identified, up to 30 total. Each of the dispensaries is priced at a total of $150,000 to build, including all related zoning permit assistance, technology costs for the company's patented Medbox dispensing equipment, and everything else needed to erect the dispensary.
"Our local attorney tells us that the City of San Diego will be limiting the total number of dispensaries based on zoning regulations and it is expected that only 100 will be allowed for the entire city. Medbox is positioned perfectly to capture this amazing opportunity for our new and existing clientele," said Bruce Bedrick, CEO of Medbox. "Our company identifies the best opportunities for our clients, while still being committed to legitimizing authorized use of the product and creating a balanced and properly regulated industry."
In other news, the company announced that they are on pace to finalize their audit with a Public Company Accounting Oversight Board (PCAOB) certified auditor. The audit is in process and will be finished on or around March 15, 2013. After another 3 days, the Form 10 will be prepared by the company's corporate SEC counsel, then sent to be reviewed by the well-renowned and prestigious firm of Ober-Kaler of Baltimore, Maryland. Medbox has taken these significant steps to ensure efficiency, expeditious handling, and compete accuracy.
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, 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.
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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