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:
|SOURCE Medbox, Inc.|
Copyright©2012 PR Newswire.
All rights reserved