MedboxInc (OTCMKTS:MDBX) continues to trade big volume just over its all-time lows the stock saw recently of $0.07.
On July 23 the Company 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.
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.
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.
Back in April MDBX announced Jeff Goh as Chief Operating Officer. Goh has many years of success as a business leader focusing on fast growing sectors in food, technology and international business.
Goh, 51, brings three decades of experience to his role, serving in executive management positions for Fortune 500 companies, including PepsiCo and Procter & Gamble. Goh has extensive experience helping companies scale business models, as well as enhance profitability, improve brand identity, and streamline research and development activities. Jeffs impressive background and track record will serve Medbox well during this pivotal stage of growth for the company, said Ambassador Ned L. Siegel, Chairman of Medbox.
We welcome Jeff to the team and look forward to ushering in a new era for Medbox that will further distinguish the company as a leader in the burgeoning marijuana industry. Medbox is well poised to serve as the consulting services and technology provider of choice for dispensaries and cultivation centers across the country, as legalization takes hold and entrepreneurs seek out a partner to help them achieve success, Goh said. In my new role, I am committed to ensure Medbox is achieving excellence, operating efficiently and delivering results. We will provide superior service to existing customers, and aggressively seek out new opportunities to deploy our solutions.
Currently trading at a whopping $36.8 million 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. MDBX has been an EPIC disappointment over the past year as it continues to drop. 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.