Medbox Issues Status Update to Company Shareholders

HOLLYWOOD, Calif., June 17, 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, issued a status update to its shareholders on past, present, and future projects.

The following is a summary of key events and projects in recent weeks:

• Medbox received its first round of comments from the SEC relative to the Form 10 filing of April 10, 2013. The company deemed the comments to be concise and easy to address and made a decision to re-file the Form 10 or similar registration document, by the end of June 2013. The new filing will include answers to the SEC comments as well as auditor reviewed Q1 2013 financials.
• Last Friday, the company noticed that OTC markets had incorrectly posted the company's unaudited financials as opposed to the company's audited financials. In an effort to alert the investment community, the company filed an 8-k and brought attention to this issue. OTC Markets has since corrected the problem. The company's audited financials can be found through its website, the Form-10 filed with the SEC, or the OTC Markets website at: http://www.otcmarkets.com/stock/MDBX/filings
• The Nevada state legislature approved a bill establishing a system of state-regulated medical marijuana dispensaries. The measure, SB374, has now officially been signed by Governor Brian Sandoval. The use of medical marijuana is permitted under Nevada law, though without dispensaries, patients that receive a physician's recommendation for the drug must grow the drug themselves or obtain it from a physician-approved caregiver. The newly approved measure is intended to fill a gap in the state's voter-approved medical marijuana program. The bill would allow for about 60 dispensaries to operate in the state based on population by county, with 40 of those slots possibly available in Las Vegas. The company announced it will be establishing a presence in that market to help applicants obtain those coveted licenses.
• The company released its "Menu of Canna-Business Services" which gives pricing information for services in Nevada, Illinois, Massachusetts, Connecticut, Washington, Colorado, and select cities in California. The document can be found on the company's website which can be accessed by clicking the following link: http://www.thedispensingsolution.com/wpcontent/uploads/2013/06/Menu-of-Canna-Business-Services1.pdf

"We have a busy few months ahead of us to finish off the year strong," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "We have the roadmap to successfully navigating the complex regulations governing the medical marijuana licensing process for state approved programs. With Nevada and Illinois passing their laws approving dispensaries, we are going to have our hands full in helping clients achieve their goal of licensure. We look forward to the challenge as we feel our services are unmatched in the industry and enjoy bringing value to our clients."

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.

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.