Medbox, Inc. Posts 1st Quarter 2013 Financials, Record Revenue Reported

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Medbox, Inc.

May 22, 2013, 09:33 ET

HOLLYWOOD, Calif., May 22, 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 today that they have posted their 1st Quarter 2013 financials.

Highlights include:

  • Revenues increased 20% from same period last year, from $1.455 million to a record $1.749 million
  • EBITDA was a healthy 25% of revenue for the quarter at $448.6k
  • Assets surged 176% from same period last year, from $1.541 million to $4.258 million
  • Cash on hand soared 731% from same period last year, from $1.25 thousand to $1.043 million

"We are pleased with our progress to date, but we recognize that we are still in our early growth stage," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "We are moving forward with a sensible growth plan that includes realistic forecasts of equipment sales, strategic acquisitions, consulting fees, and our new financing division."

The company also announced that it is preparing for the anticipated approval of the Illinois Bill to legalize medical marijuana. The bill that would bring legal medical marijuana to Illinois in the hands of Democratic Gov. Pat Quinn, who stated that he remains "open minded" on the measure.

Last Friday, the state Senate voted 35-21 in favor of the bill on the heels of an OK from the House.

Among those surprisingly giving the bill a "thumbs up" was conservative state Sen. Jim Oberweis, an Aurora Republican, who voted in support of the bill because a strong majority of his constituents said they supported the measure in a tele-townhall meeting.

The legislation would establish a four-year pilot program during which individuals with serious diseases including cancer, HIV and multiple sclerosis would be able to get a special ID card allowing them to buy limited amounts -- up to two-and-a-half ounces -- of medical marijuana from one of 60 state-licensed dispensaries. Illinois joins the states of Nevada and New York that may implement dispensary programs by year's end.

"We have a team of consultants ready to be on the ground in Illinois, Nevada, and New York to provide education and guidance on how to operate fully compliant, safe and secure medical marijuana facilities that are transparent in operation and provide accurate, unalterable reporting for taxation and auditing," Bedrick stated. "We anticipate providing a leadership role in those states as they unroll their programs, just as we have been in other states that have approved sensible and effective medical marijuana laws."

The Q1 2013 financials are posted on the OTC website at: http://www.otcmarkets.com/financialReportViewer?symbol=MDBX&id=105065

For more information on Medbox, visit: www.thedispensingsolution.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, 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.