Medbox Inc. (OTC Markets: MDBX), a leader in providing consulting services and patented medicine storage and dispensing systems to the medical and retail industries, could benefit handsomely from reformed banking regulations on the cannabis industry.
Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented medicine storage and dispensing systems to the medical and retail industries, today commended United States Attorney General Eric Holder’s comments regarding banking access for businesses involved in the cultivation and distribution of legal and medical marijuana.
On January 23, 2014, Attorney General Holder stated that lawful marijuana businesses should have access to the American banking system and that the government would soon offer rules to help these businesses gain this access.
Multiple media reports quoted the Attorney General as saying, “You don’t want just huge amounts of cash in these places. They want to be able to use the banking system. There’s a public safety component to this. Huge amounts of cash, substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited, is something that would worry me, just from a law enforcement perspective.”
As the industry leader in the legal marijuana industry, having consulted with more than 400 entities, helping businesses secure licenses, identify locations, build-out dispensaries, educate patients and conduct business in a safe, secure, and legally compliant way, Medbox strongly praises the comments from the Attorney General.
“With 20 states and the District of Columbia having legalized marijuana in some capacity, responsible businesses are being formed across this country and the market for legal marijuana is expected to exceed $3 billion this year,” commented Dr. Bruce Bedrick, chief executive officer, Medbox, Inc. “Even with this rapid expansion, and the widespread public support legal marijuana maintains, a key industry challenge has been the lack of access to traditional banking services. The forward-thinking and responsible comments by the Attorney General signal a clear change in law enforcement policy, and a seismic shift in the legal landscape for these businesses. As this progresses, we expect an increase in the quantity and quality of entrepreneurs entering this industry.”
“In just the last week, comments by the President of the United States, stating his belief that marijuana is no more dangerous than alcohol, and now by the Attorney General, demonstrate that the Federal Government recognizes the trend we are seeing in states across this nation,” Dr. Bedrick continued. “In the coming months, we expect additional steps to normalize these lawful businesses.”
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.
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.
For more information on Medbox, please contact us at (800) 762-1452 or go online to www.medboxinc.com.