MedboxInc (OTCMKTS:MDBX) is making an explosive move up after they announced the city of San Diego has awarded the company a Conditional Use Permit (CUP), granting it a license for the operation of a medical marijuana dispensary just east of downtown.
MDBX is one pot stock to watch when it heats up; it has a long history of explosive moves running to well over $100 a share in 2013 and $45 in 2014.
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.
The Company bills itself as a leader in the rapidly emerging cannabis sector, providing specialized services to operators of dispensaries, cultivation centers, manufacturers and research facilities in those states where approved. Through trusted clients and affiliates, the company promotes efficient, consistent, high quality products that are priced right, readily available and safely packaged.
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.
Back in July 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.
Earlier this year 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 September 18 MDBX announced the city of San Diego has awarded the company a Conditional Use Permit (CUP), granting it a license for the operation of a medical marijuana dispensary just east of downtown. This CUP is one of eleven to be awarded thus far in the city of San Diego.
CEO Jeff Goh said “The city of San Diego has demonstrated a high degree of scrutiny in granting use permits, which makes our award particularly meaningful. The city’s goal is to provide safe access to medical marijuana for patients and to grant permits to those who demonstrate the highest standards of professionalism and expertise. Our goals align, and we plan to deliver a compliant dispensary the city can be proud of.”
Medbox has entered escrow for the purchase of a property located at 3385 Sunrise. The next step will be to build out the dispensary, select an experienced operator and then consult on compliance, training and related matters.
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Currently trading at a $10 million market valuation MDBX has minimal revenues, rising short term debt and a history of dilution. Since inception MDBX has been big on hype and little on real substance. At the same time MDBX is one of the original pot stocks with a long history of making spectacular moves on national media exposure and investors are watching it very closely since it reversed off $0.05 lows. When MDBX heats up investors need to 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.