Medbox Enters State of Washington, Signs Agreement to Consult on Opening of New Marijuana Dispensary
LOS ANGELES, CA / CRWEPRESSRELEASE / August 27, 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 entered the state of Washington, with an agreement to consult on the opening of a new marijuana dispensary.
Under the agreement, Medbox will provide specialized consulting services to the principals and operators of the Fweedom Collective medical dispensary in Seattle for the opening of a new 502 recreational retail dispensary in Mt. Vernon, WA. The new dispensary is scheduled to be operational in the first half of 2016.
In addition to having procured the new location, Medbox will provide the owners with both pre- and post-opening services, including advising on regulatory compliance, security, training, IT and associated matters. The dispensary, which is expected to sell the new personal vaporizer – miVape – which is produced by Medbox’s Vaporfection subsidiary, will be under the exclusive supervision and control of the Fweedom owners.
“The agreement with the principals of Fweedom is significant to Medbox since it represents our initial entry into the Washington market, where marijuana has been approved both for medical and recreational use, and where we believe potentially outstanding business opportunities exist,” said Jeff Goh, President and interim Chief Executive Officer of Medbox. “It also supports our business objective of securing a recurring revenue stream, along with our mission of helping to ensure that patients have access to quality products in the areas in which they live.”
“We look forward to a long and productive association with the principals of Fweedom, who have established a professional organization, adhering to the highest industry standards. We believe Fweedom is destined to become one of the state’s largest dispensary operations,” Goh added.
“We selected Medbox for its depth of expertise on a national scale, as one of the nation’s premiere service providers in our sector,” said J. Tyler Godfrey one of the principals of Fweedom. “While we believe our industry and our company are on a fast-growth trajectory, there are many complex issues from start-up and operational perspectives. With Medbox as our partner, we are confident of having the right formula for success.”
About Fweedom Collective
Founded in 2008 in Seattle, Fweedom, which currently operates a medical marijuana dispensary, started as a hemp alternative-based clothing company, bringing awareness to consumers of hemp and fabrics opposed to traditional cotton. The company evolved into a medical marijuana collective in 2011.
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 timing of the opening of the new dispensary and business opportunities in the state of Washington, 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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SOURCE: Medbox, Inc.