LOS ANGELES, June 23, 2014 /PRNewswire/ -- Medbox, Inc. (OTCQB: MDBX), a leader in providing lawful marijuana dispensary consulting services and patented dispensing systems to the alternative medicine industry, announced today that is it launching its marijuana dispensary management practice in Portland, OR. This business line, operated through the company's wholly owned Medbox Management Services, Inc. subsidiary, will provide necessary oversight services for dispensary operations in concert with a capable joint venture partner the company is currently in the process of sourcing, that will manage day-to-day activities at the dispensary. While the company has offered licensing consulting services since 2010, this will mark the first time the company has entered into a management contract to provide professional oversight services at a dispensary location.
Medbox recently received provisional approval to operate a medical marijuana dispensary in Portland and is in the process of preparing the dispensary for a cursory inspection by state officials for final approval with a grand opening scheduled in September of this year.
"Medbox is adapting its business model to capitalize on the demand from investors and individual states for Medbox to utilize its industry experience to professionally manage dispensary facilities. This opportunity represents a highly profitable revenue model for the Company and we are in the process of establishing operations in every state where marijuana is now legal. We will continue to seek to partner with affluent and high-pedigree clients on joint-venture partnerships in these states," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "As the country continues to march forward with sensible reform, we stand ready to supply the tools, software, consulting and management services that improve security, compliance and reporting," he added. "We look forward to expanding our presence nationwide and reaffirming our industry leadership position."
Nevada, Illinois Florida, New York, Minnesota, and Maryland have all recently passed medical marijuana legislation bringing the nationwide count to 23 states. Medbox has invited State officials from Nevada to see the future Medbox managed facility in Oregon, and will soon invite officials from other states as well.
About Medbox, Inc.
Medbox (http://www.medbox.com) is a leader in in providing lawful marijuana dispensary consulting services and patented secure dispensing systems to the alternative medicine industry. Headquartered in Los Angeles, CA, Medbox, through its wholly owned subsidiary, Medicine Dispensing Systems, offers its patented systems, software and consulting services to pharmacies, alternative medicine dispensaries and local governments in the U.S. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product. Medbox, through its newly established subsidiaries, is in development of the following ancillary services catered to the alternative medicine industry: merchant services and armored transport for cash deposits, cannabidiol research and development, real estate acquisitions and subsequent lease programs to alternative medicine dispensaries, and alternative medicine dispensary management services.
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 as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
Secure Strategy Group, LLC
For more information on Medbox, please call (800) 762-1452.
SOURCE Medbox, Inc.