LOS ANGELES, May 7, 2014 /PRNewswire/ -- Medbox, Inc. (OTC
Markets: MDBX) (www.medbox.com), a leader in providing ancillary
services to the alternative medicine industry, dispensary
consulting services, and patented medicine dispensing systems to
medical and retail industries, commented today on Colorado's recently passed bill, that if
enacted, would lead to the first marijuana financial system in
the United States.
State legislators in Colorado
passed a bill on May 2, 2014 which
could potentially grant access to the Federal Reserve's money
transaction system. To date, 20 states and the District of Columbia have passed laws allowing
the sale of medical and recreational marijuana, but its production,
sale, and possession remain illegal under federal law. The
misalignment of Federal and State laws has prevented the nations'
banks from enabling dispensaries and other businesses in the legal
marijuana industry to utilize the banking system. Colorado has now taken a first step towards
alleviating this disparity and establishing a financial structure
between the banking community and the marijuana industry.
The proposal calls for "cannibas credit co-ops" to be governed
by the state's financial services commissioner in order to provide
marijuana retailers a means by which to transact business and
provide financial services to its members through cooperative
banking. The proposal, passed on a preliminary vote, will be
formally voted on this week.
Due to federal laws and the current unwillingness by banks to
conduct business with dispensary owners, most transactions rely on
cash payments, making the business owners targets for crime while
inhibiting the state's ability to track and tax sales.
"We strongly commend the state of Colorado for paving the way for marijuana
retailers to be able to transact their business through a
structured financial system in the same manner as other
businesses," commented Dr. Bruce
Bedrick, chief executive officer of Medbox, Inc. "We are
pleased to see the legislators take such a progressive step towards
supporting dispensary operators, an industry that Medbox directly
serves. The financial structure being established in Colorado dovetails nicely with two of our
latest initiatives, specifically our Medbox Merchant Services, Inc.
and Medbox Armored Transport, Inc. subsidiaries. Medbox Merchant
Services specializes in banking transactions with prepaid debit
cards, convenience checks and cash depository needs for operators.
Medbox Armored Transport is focused on armored car transport of
cash from dispensaries to participating banks."
"As this industry continues to evolve and progress, Medbox is at
the forefront of designing and delivering solutions so retailers
can efficiently serve their customers in a safe environment while
complying with local and federal regulations," stated Dr. Bedrick.
"A financially sound and solid banking infrastructure is yet
another step towards legitimizing the marijuana industry."
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. Headquartered in Los Angeles, Medbox, through its wholly owned
subsidiary, Medicine Dispensing Systems, offers their patented
systems, software and consulting services to pharmacies,
alternative medicine dispensaries and local governments in the U.S.
In addition, through its wholly owned subsidiary, Vaporfection
International, Inc. (www.vaporfection.com), the company offers an
industry award winning medical vaporizer product. Medbox, through
its newly established subsidiaries, also engages in the following
ancillary services catered to the alternative medicine industry:
merchant services and armored transport for cash deposits,
cannabidiol R&D, real estate acquisitions and subsequent lease
programs to alternative medicine dispensaries, and alternative
medicine dispensary management services.
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 as well as political
and economic conditions present within the industry. We do not take
any obligation to update any forward-looking statement to reflect
events or developments after a forward-looking statement was
made.
Medbox, Inc. is a publicly traded company, and is quoted on the
OTC Markets, ticker symbol MDBX.
For more information on Medbox, please contact (800) 762-1452 or
go online to: http://www.medbox.com.
Contacts:
Investor Relations:
Stephen Hart
Hayden IR
+1- 917-658-7878
hart@haydenir.com
SOURCE Medbox, Inc.