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Sunday, November 27, 2022

Settlement Sparks Medbox Inc (OTCMKTS:MDBX)

Medbox Inc (OTCMKTS:MDBX) is making an explosive move up on fast accelerating volume since reversing off $0.02 lows. 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. The move up on MDBX comes on the heels of their announcement that they received Court Notification of Settlement In Class Action and Derivative Lawsuits.

Investors are hoping for another run on pot stocks and there are plenty of reasons to suggest they sector might heat up again; 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.”

On December 7 MDBX announced it has initiated the process of obtaining court approval of the previously announced settlement with class action and derivative plaintiffs and is providing additional details of the settlements.

Under terms of the class action settlement, which involved claims regarding the companys financial results for the fiscal years ended December 31, 2012 and 2013, each of the interim quarters for those years and the first three quarters of fiscal 2014, along with other matters, Medbox will pay a total of $1.85 million, of which $150,000 will be paid by the company, with the remainder paid by the companys insurers. In addition, 2.3 million shares of Medbox common stock will be contributed to the settlement, of which 2 million shares will be contributed by Medbox and 300,000 shares by a former officer of the company.

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Currently trading at a $2.6 million market valuation MDBX has minimal revenues, rising short term debt and a history of dilution. At the same time MDBX is one of the original pot stocks, a provider of specialized services to the cannabis sector, including operators of dispensaries, cultivation centers, manufacturers and research facilities with a proven ability to get the Company featured in the national media spotlight. MDBX has a long history of explosive moves skyrocketing in early 2014 so when this one heats up Investors pay attention. 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.

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