WEST HOLLYWOOD, Calif., Dec. 5, 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, stated that it has all the pieces in place to continue its pace of year-over-year record breaking growth, in an market that is growing faster than any other industry in America according to a new research report.
The study, written by former Wells Fargo Managing Director Steve Berg, stated that more than $1.43 billion worth of legal marijuana will be sold in 2013. The report also predicts that figure to grow by 64 percent, to $2.34 billion next year. By comparison, recent figures show the Smartphone market expanded by just 46 percent from 2012 to 2013.
"Entrepreneurs and private investors are flocking to cannabis markets," Berg said. "Those who really understand market dynamics will reap large rewards."
The report predicts that 14 more states will legalize marijuana for recreational adult use in the next five years, creating a potential $10.2 billion cannabis market by 2018.
"We have always taken a long-term view of this industry and our company's growth curve," said Dr. Bruce Bedrick, CEO of Medbox, Inc. "We took all the steps necessary to develop superior products, patent our technology, establish a sales network, and attract financing so that we would be perfectly positioned to scale up our growth as this industry rapidly expands."
"This industry is professionalizing and seeing an influx of professionals from other industries," Berg said. "More and more investors are coming in and financing these businesses, which have more and more markets to serve."
To read the article in the Huffington Post titled, "Marijuana Market Poised To Grow Faster Than Smartphones," visit: http://www.huffingtonpost.com/2013/11/04/marijuana-market_n_4209874.html
To read the research report titled, "The State of Legal Marijuana Markets," visit: http://www.arcviewmarketresearch.com/
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.
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, political conditions and economic conditions in the states considering such legislation. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
SOURCE Medbox, Inc.