Navigation Links
Medbox Partners with Licensed Medical Cannabis Laboratory and Cultivation Center in Canada
Date:10/19/2013

WEST HOLLYWOOD, Calif., Oct. 15, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries, announced signing of a term sheet with a medical marijuana research and development laboratory licensed and permitted by Health Canada. According to the terms, Medbox has been engaged in an ongoing consulting role as the lab transitions to cannabis producer and distributor. The laboratory is one of only a few allowed to cultivate and study cannabis in Canada for use in medicinal applications. With Medbox's help, the laboratory is poised to be one of the first to have a producer and distribution license granted in the new Canadian medical cannabis market. 

"The laboratories that possess a level 6 clearance and exemption to the Controlled Drugs and Substances Act (CDSA) in Canada are truly the best suited to transition into the production and distribution model that Health Canada has adopted," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "This consulting arrangement and business partnership is by far the most potentially lucrative deal we have executed to date and has an uncapped earning potential over many years. We are extremely excited about working alongside this laboratory as they start legally selling their medicine to the patients of Canada."

Company executives further clarified the deal allows Medbox to benefit in the following ways:

  • Co-branding and joint development of cannabis infused formulations and products to be sold in the Canadian market,
  • Consulting revenue to Medbox, through a wholly owned subsidiary, on all sales of medical cannabis products in the Canadian market sold by the licensed producer/distributor,
  • Development and product placement of next generation Medbox machines that are outfitted with additional security features that will allow the equipment to act as a "medicine vault" meeting or exceeding all specifications set forth in Canadian law as to storage of controlled substances,
  • Expanding of Medbox's market to allow for equipment placements in doctors' offices and cultivation centers to monitor dispensing of medications to facility staff prior to reaching the end user.

"The Canadian government has adopted laws regulating cannabis and how it is to be produced and distributed. This key development actually puts Canada ahead of the United States with respect to the governmental medical marijuana race we are now seeing worldwide," stated Vincent Mehdizadeh, Chief Operations Officer at Medbox, Inc. "With new markets opening up in various countries globally, while we are encouraged by the leaps and bounds that we have seen in the United States, we would be remiss if we did not capitalize on opportunities in other jurisdictions that are 100% condoned on a federal level."

Company executives reiterate that these Canadian activities are meant to enhance the company's core business in the United States and allow the company to be in a "first mover" position once an open market exists in the United States as it soon will in Canada.

"Medbox has existing relationships with over 150 dispensary operators in the United States as a technology supplier and industry consultant," added Mehdizadeh. "We anticipate that this number will grow to over 500 dispensaries within the next few years. These relationships are extremely valuable and allow for us to market medicinal products to these dispensaries once the United States government allows for such activities to occur. We are uniquely positioned to fill that need when the time comes."

The executed term sheet requires additional agreements to be executed with the laboratory no later than November 10, 2013. As such, the company will be further elaborating on its expanded operations in Canada over the next few months in future press releases.

About Medbox, Inc: 

Medbox is a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise. Medbox has offices throughout the world, including New York, Arizona, Connecticut, Massachusetts, Florida, Tokyo, London and Toronto, and has their corporate headquarters in Los Angeles.

Medbox provides their patented systems, software and consulting services to pharmacies, dispensaries, urgent care centers, drug rehab clinics, hospitals, prison systems, hospice facilities, and medical groups worldwide. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product.

Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.

For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.medboxinc.com.

Forward-Looking Statements: The statements in this press release constitute forward-looking statements within the meaning of federal securities laws.  Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control.  In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.  Potential risks and uncertainties include, but are not limited to, technical advances in the industry, political conditions and economic conditions in the states considering such legislation.  We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.


'/>"/>
SOURCE Medbox, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related biology news :

1. Medboxs Marijuana Dispensing System Assists Operators in Complying with Federal Governments New Canna-Business Guidelines
2. Medbox Featured in Bloomberg Businessweek
3. Medbox Positions Itself as the Leader on Wall Street in the Legalized Marijuana Industry
4. Medbox Files Form 10 with SEC
5. Medbox to Sponsor Free Educational Seminar in San Diego
6. Medbox Executes $6 Million Equity Transaction with Private Investment Firm
7. Medbox Partners with Bio-Tech Medical Software to Create Nations Safest Prescription Drug and Medical Marijuana Distribution System
8. Medbox, Inc. Comments on Record Trading Day
9. Medbox, Inc. Featured in Multiple Media Stories in Massachusetts and California
10. Medbox, Inc. Releases Demo Video and Collateral Media Concerning How Their Systems Will Be Used in Massachusetts Medical Marijuana Dispensaries
11. Medbox Communicates with Shareholders, Comments on Pending Transition to OTC Bulletin Board, and Announces Appearance on Fox Business News Channel
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/24/2017)... 24, 2017 Janice Kephart , ... Identity Strategy Partners, LLP (IdSP) , today issues ... President Trump,s March 6, 2017 Executive Order: ... vetting can be instilled with greater confidence, enabling ... all refugee applications are suspended by until at ...
(Date:4/13/2017)... , April 13, 2017 According to a new ... Authentication, Identity Analytics, Identity Administration, and Authorization), Service, Authentication Type, Deployment Mode, ... IAM Market is expected to grow from USD 14.30 Billion in 2017 ... (CAGR) of 17.3%. ... MarketsandMarkets Logo ...
(Date:4/6/2017)... -- Forecasts by Product Type (EAC), Biometrics, ... (Transportation & Logistics, Government & Public Sector, Utilities / ... Facility, Nuclear Power), Industrial, Retail, Business Organisation (BFSI), Hospitality ... looking for a definitive report on the $27.9bn Access ... ...
Breaking Biology News(10 mins):
(Date:10/12/2017)... ... October 12, 2017 , ... AMRI, ... and biotechnology industries to improve patient outcomes and quality of life, will now ... testing are being attributed to new regulatory requirements for all new drug products, ...
(Date:10/11/2017)... ... October 11, 2017 , ... ... in its endogenous context, enabling overexpression experiments and avoiding the use of exogenous ... RNA guides is transformative for performing systematic gain-of-function studies. , This complement ...
(Date:10/11/2017)... Md. (PRWEB) , ... October 11, 2017 , ... ... digital pathology, announced today it will be hosting a Webinar titled, “Pathology is ... Advanced Pathology Associates , on digital pathology adoption best practices and how Proscia ...
(Date:10/11/2017)... ... October 11, 2017 , ... Disappearing forests and increased emissions are ... 5.5 million people each year. Especially those living in larger cities are affected by ... in one of the most pollution-affected countries globally - decided to take action. , ...
Breaking Biology Technology: