Medbox Inc (OTCMKTS:MDBX) continues to rise on significant volume since a brief dip below $0.02 in December. MDBX is one of the original pot stocks with a long history of spectacular moves running in early 2014 off its $5 base to highs of $45 a share so when this one heats up, Investors pay attention.
MDBX are also unmatched in their ability to sell the sizzle on the pot sector and getting themselves featured in mainstream media. Reasons for a run on pot stocks hear include Canada’s new prime minister promising legalization immediately, DEA being told by California judge to stop interfering with dispensaries, billionaire Richard Branson suggesting a decriminaliztion ammendment in the U.N., 6,000 non-violent drug offenders released Nov 1st, Australia lifting ban on medical mj, New York opening medical mj dispensaries January, Colorado revenues increasing, etc.
Medbox Inc (OTCMKTS:MDBX) has created a free standing vending machine that dispenses packaged pot. The Company touts its cashless inventory control system whose biometric thumbprint scan and Company-issued debit card ensure that only those with prescriptions can get access to the product inside. Medbox has been awarded United States & Canadian Patents concerning the software and hardware related to their medicine dispensing systems.
MDBX has been hugely successful getting their brand into the national media with features on MDBX in CNN, ABCNews, Reuters, BBC, Fox Business, Bloomberg TV, CNBC, Associated Press, NPR, and company has been featured in articles appearing in Newsweek, Bloomberg BusinessWeek, Los Angeles Times, Chicago Tribune, and the Wall Street Journal, as well as over 30 other news agencies around the world.
Earlier this year MDBX announced it has signed an agreement to purchase 320-acres of agricultural land in Pueblo, Colorado. Terms of the transaction, which is expected to be completed in August 2015, were not disclosed.
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In what will be one of the largest cultivation centers in Colorado, Medbox plans to engage a licensed grower of hemp and marijuana, which it will advise on operations matters, ensuring proper oversight and compliance in the cultivation of high-quality commercial grade marijuana and hemp in a safe, controlled environment.
MDBX said they completed a $4.5 million financing with its existing lenders. CEO Jeff Goh said “We are pleased to have completed this additional round of funding, which demonstrates confidence in Medbox and its future. The funds will be used for corporate purposes, including further implementation of our strategic growth plan.”
In December MDBX announced it has entered into a three-year management agreement with Rise Industries, Inc., which will serve as operator of Sunrise Patient Group, a medical marijuana home delivery service, for Medbox’s client, Alternative Health Cooperative, Inc.
The delivery service is set to open this month and is expected to generate an immediate revenue flow. Medbox previously obtained a Conditional Use Permit (CUP) granted by the City of San Diego that will authorize Alternative to operate a dispensary at 3385 Sunrise Street, San Diego, a 7,500-square-foot, two-story facility, when escrow is closed on the facility. Escrow is expected to close by the end of this year, and the facility is scheduled to open in the second quarter of 2016. The CUP was one of eleven to be awarded thus far by the City of San Diego.
On January 6 MDBX announced its board of directors has promoted Jeff Goh to Chief Executive Officer and Clinton Pyatt to Chief Operating Officer. Goh had been serving as President and interim Chief Executive officer since July 2015. He joined the company as Chief Operating Officer in April 2015 and was a consultant to Medbox since August 2014. He was named to the company’s board of directors in October 2015 and will continue in his role as President, in addition to becoming Chief Executive Officer.
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Currently trading at a $3.8 million market valuation MDBX has minimal revenues, rising short term debt and a history of dilution. But MDBX is one of the original pot stocks with a long history of explosive moves skyrocketing in early 2014; when this one heats up Investors pay attention. Last week MDBX tried to wash away recent negative events such as multiple investigations and an s-1 to register 200 million new shares by initiating a CC during which they promised there would be no R/S short term, praised their new CBD business and hinted at a move to a higher exchange. We will be updating on MDBX on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with MDBX.
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Disclosure: we hold no position in MDBX either long or short and we have not been compensated for this article.