MedboxInc (OTCMKTS:MDBX) continues to trade lower in recent days on accelerating volume. This one has a long history of big moves running from pennies a share to well over $100 in early 2013 and more recently running from $5 start to $45 last year.
This is the time of year when pot stocks heat up and when they do MJNA is one of the most explosive of them all. There are plenty of catalysts in play that suggest a huge 2015; according to a recent report from MMJ Business Daily, 2015 is expected not only to see more investment dollars flow into the market but it could even outpace the growth rate seen in 2014. States like Nevada, Illinois, Massachusetts, Oregon, and Alaska have all been identified as industry drivers this year. Furthermore, the rise in “big money” from some major investment funds has just started to hit the sector.
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.
MDBX has been very successful in creating massive buzz for their Company and capturing Investors sentiment with the dream of Cannabis legal in every state with dispensary’s on every corner each with a Medbox Dispensing System.
They have also 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.
Medbox has been awarded United States & Canadian Patents concerning the software and hardware related to their medicine dispensing systems.
The shell was incorporated in the 90’s originally in Nevada as Rabatco, Inc. They soon changed their name to MindfulEye Inc and focused on selling downloadable movies through a network of shopping mall kiosks. This ended in failure and in October of 2011 they changed their name to Medbox and entered the red hot pot sector.
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The man behind MDBX is Pejman Vincent Mehdizadeh who according to many online sources has a sordid criminal history that includes breaking and entering, solicitation, trespassing and credit card fraud.
Apparently he was raided back in 2007 for running a dispensary, and in a related lawsuit “he was accused of posing as a lawyer and a real estate agent at different times,” but as Mehdizadeh said ”he’s just a middle-class child of immigrants whose dreams for college got derailed when his parent divorced and then suffered a series of economic reverses. Towards the end of high school, the bottom fell out, forcing him to scrap school and hit the streets.” He claims that against all odds he turned around a failing legal referral business and earned a good living, all the while caring for his elderly parents.
Mr. Mehdizadeh partner is Bruce Bednick, a chiropractor from Arizona who currently serves as the Company’s president. The two of them have an eye on a higher exchange and recently successfully up-listed the stock from the pinks to fully reporting OTCBB.
Currently trading at a whopping $180 million plus market valuation MDBX lacks real fundamentals such as any significant revenues to date. They also have a weak financial situation with $1.3 million in the treasury compared to $5 million plus in short term payables. These kinds of numbers are not consistent with an up-list to a major exchange and rather point to significant dilution on the horizon.
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All this aside MDBX is one of THE pot stock that investors seem to flock to when the sector heats up as it is right now. There are plenty of catalysts for a hot 2015 including coming events such as legalization becoming effective in Alaska on February 24 and legalization becoming effective in Oregon in early July.
MDBX is also trading very near the bottom of its range and just off its 52 week lows of $4.25. As we go into the New Year and pot stocks heat up across the board MDBX with its history of explosive moves deserves to be at the top of speculators watch lists.
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Disclosure: we hold no position in MDBX either long or short and we have not been compensated for this article.