Medbox Completes Purchase of San Diego Retail Property For Medical Marijuana Dispensary
Build-out to Begin Immediately, with Opening Scheduled for May
LOS ANGELES, CA / ACCESSWIRE / January 4, 2016 / Medbox, Inc. (OTCQB: 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 that it has completed the purchase of a two-story, 7,500 square-foot retail property in San Diego, which will house a medical marijuana dispensary, scheduled to open in May of this year.
Medbox will assist with the build-out of the property, which is located at 3385 Sunrise Street, just east of downtown, and will consult with the dispensary operator, Rise Industries, Inc., on compliance, training and related matters. Medbox will be paid a fee for its services, expected to approximate half of the dispensary's annual profits. The purchase price of the building was $937,369.
The City of San Diego awarded Medbox a Conditional Use Permit (CUP) in September 2015, granting the company a license for the operation of the dispensary. The CUP is one of eleven to be awarded thus far.
Also as part of the Medbox CUP, Rise Industries is serving as operator of Sunrise Patient Group, a medical marijuana home delivery service, for Medbox's client, Alternative Health Cooperative, Inc. The delivery service opened in December and already has attracted an active clientele.
"We are pleased to begin the build-out of what we believe will be a highly successful medical marijuana dispensary, providing patients with safe access to high quality products," said Jeff Goh, President and interim Chief Executive Officer. "San Diego is a vibrant market, and our award of the CUP demonstrates both our professionalism and leadership role in the cannabis sector."
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 dispensary opening for business in May, 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.