CORONA, Calif., April 10, 2013 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a technology leader in developing automated retailing systems, customized kiosks and micro-stores, announced that one of their key customers was recently featured in an article in the Los Angeles Times.
Medbox, a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise, was highlighted as one of the companies that has become a Wall Street darling because they provide ancillary services to the fast-growing legal marijuana industry.
"The stodgier Wall Street types are starting to realize there's money to be made here," said Derek Peterson, who worked in wealth management at Wachovia Securities and Morgan Stanley Smith Barney.
Bloomberg recently pegged the size of the industry at $35-$45 billion, according to the article.
Washington, D.C., and 18 states, including California, have already legalized medical marijuana; and there are formal measures pending to legalize the product in 10 additional states and in the United States Congress.
Accordingly, many investors see marijuana heading down the same path as Prohibition, which banned the manufacture, transportation and sale of alcohol from 1920 until it was repealed in 1933. People who invested in companies before the repeal, profited handsomely once the prohibition was lifted.
"More and more people see the inevitability," said Brendan Kennedy, chief executive of the Seattle private equity firm Privateer Holdings. "They see that the Berlin Wall of cannabis prohibition is going to come down."
Other investors see the opportunity as similar to the Gold Rush. It's like "selling the bluejeans to the gold miners," said Justin Borus, Managing Partner at Lazarus Investment Partners.
AVT is the exclusive provider of automated dispensing and storage systems that are the cornerstone of Medbox's business. "We are happy to work with Medbox as their exclusive automated systems manufacturing partner," stated Shannon Illingworth, Founder and Chairman of AVT, Inc. "We believe that Medbox is poised for explosive growth, and AVT will continue to grow with them by providing the products they need to further capitalize on this rapidly expanding industry."
For more information on AVT, please call 800-240-5175 or visit the website at: www.autoretail.com.
For more information on Medbox visit: www.medboxinc.com.
To read the article in the Los Angeles Times, visit: http://www.latimes.com/business/la-fi-0324-wall-street-marijuana-20130324,0,3721760.story
About AVT, Inc:
AVT is a leading developer of customized automated retailing systems, Micro-Stores, and self-service solutions. Divisions include design, manufacturing, software engineering, leasing, media, and technology licensing. AVT is able to work with any size company to design a custom automated retailing solution that drives traffic, increases sales, improves security, and lowers overhead. AVT is uniquely qualified to take projects from concept to completion with speed, economy and ingenuity. For more information, visit: www.Autoretail.com
AVT's stock is traded through the OTC Markets, Ticker Symbol: AVTC
SOURCE AVT, Inc.