Medbox Engages Israel-Based Medical Marijuana Consultancy, As Company Prepares to Enter Cultivation Market
LOS ANGELES, CA / CRWEPRESSRELEASE / August 20, 2015 /Medbox, Inc. (OTCMKTS:MDBX), a provider of specialized services to the cannabis sector, including operators of dispensaries, cultivation centers, manufacturers and research facilities in those states where approved, today announced it has engaged an experienced Israel-based medical marijuana consultancy, as it prepares to enter the cultivation market and work with licensed independent growers.
After 30 years of cannabis industry experience in the United States, Israel and Europe, Avner Barak, co-founder of Cannguru Agrotechnic Consulting Ltd. (CAC), recently was brought on to consult with Medbox on proprietary true-to-type genetics, expert cultivation techniques and business development opportunities. Barak is currently co-leading Canndoc, which is one of eight licensed growers supplying medicine to thousands of Israeli patients and has operated a medical cannabis farm in Israel since 2009 for the Israel Ministry of Health.
“We are aligning ourselves with world class experts, as we enter a new phase in our company’s development,” said Jeff Goh, President and interim Chief Executive Officer of Medbox. “It is critical that products produced on our property by licensed independent growers be of the highest pharmaceutical quality to ensure efficacy and consistency for patients, as well as to drive sustainable revenues.”
“After an exhaustive review of global industry experts, we selected CAC and Barak based on their experience and long history of success, guiding physicians, nurses, academic researchers and others, in a country known for its scientific and medical prowess. The solid reputation Barak has built among growers, harvesters and research developers, as well as working closely with hospitals and healthcare professionals in Israel, will provide a significant benefit to Medbox and to our customers,” Goh added.
Barak said, “We are impressed with the Medbox management team and strategy as it enters and begins to penetrate the cultivation market. Our master growers and expert extractors look forward to doing our part to promote quality, and, in turn, to help Medbox build its professional and leadership stature.”
Medbox recently announced that it expects marijuana cultivation by a licensed independent grower to begin on a recently purchased property in Pueblo, Colorado in the first quarter of 2016, with initial revenues from marijuana cultivation starting in mid-2016. The company completed the purchase of 320 acres of farmland in Pueblo in early August.
About Medbox, Inc.
Medbox, Inc., a leader in the rapidly emerging cannabis sector, provides 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. For more information about the company or to explore partnership, please visit www.medbox.com.
Certain statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements, including, but not limited to, the start of marijuana cultivation by a licensed independent grower and initial revenues, are based on current beliefs and expectations and are inherently subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the company’s control. In addition, certain forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties also include, but are not limited to, regulatory developments in the industry, as well as political and economic conditions present within the industry. For a more detailed description of the risk factors associated with the company, please refer to the company’s latest Annual Report on Form 10-K, and in particular, the section entitled “Risk Factors” therein, and in other periodic reports the company files with the Securities and Exchange Commission thereafter.The company does not assume any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made, unless required by law.
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