Medbox Management Comments on the National Cannabis Movement and a Record Trading Day
HOLLYWOOD, Calif., April 24, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries, announced that yesterday (April 23, 2013), was the single largest trading day for their stock in the company's history with over 66,000 shares traded.
The heavy volume comes when marijuana is dominating headlines across the nation, with an increasing number of states introducing legislation or making headway on cannabis-related measures, and federal lawmakers getting behind the cause as well.
In Colorado, new legislation would allow out-of-state residents to purchase one-fourth of an ounce of marijuana during a single transaction. It also would allow existing medical marijuana businesses to apply for retail licenses on October 1, three months ahead of other would-be retailers, but would end a proposed one-year monopoly in the retail market for existing medical marijuana providers, reducing that restriction to 3 months. The bill also would allow retail shops to sell their home-grown product or purchase it from a retail marijuana cultivation facility. Medbox is in the process of securing clients in that state to assist them with license application preparation as well as technology placements after licensing is secured.
In Washington State, new legislation would allow for retail marijuana producers and outlets permitted by the Washington State Liquor Control Board (WSLCB). The WSLCB has published a timeline that clarifies that by December 1, 2013, they expect to issue marijuana producer and retail licenses to qualified applicants. Medbox is in the process of securing clients in that state to assist them in license application preparation as well as technology placements after licensing is secured.
In Washington, D.C., a U.S. House lawmaker introduced a bill to end the conflict between the federal government and the states over legalized marijuana, five months after Colorado and Washington voters approved the first statewide ballot measures decriminalizing marijuana use for adults.
Rep. Dana Rohrabacher, California Republican, said the "Respect State Marijuana Laws Act" would end federal intervention against marijuana in those states.
"This bipartisan bill represents a common-sense approach that establishes federal government respect for all states' marijuana laws," Mr. Rohrabacher said in a statement. "It does so by keeping the federal government out of the business of criminalizing marijuana activities in states that don't want it to be criminal."
In San Diego, Mayor Bob Filner proposed new regulations at Monday's council meeting with the aim of restoring legal status to dispensaries, giving patients access to the drug. Medbox representatives attended the meeting and supported a measure banning unmanned direct patient access to the drug in vending machines - a practice that competitors have touted and were the subject of litigation filed by the company within the last year. During the meeting, city leaders stated that the Medbox equipment is a powerful inventory management tool, and explained that the Medbox system is not a vending machine. Medbox is following the ordinance closely and has already secured properly zoned locations to match with existing clients to erect lawfully permitted dispensaries with Medbox equipment once the regulations are finalized.
In Alaska, sponsors of a proposal to legalize, regulate and tax marijuana filed a petition application, the first step in getting a measure on the 2014 ballot.
In Alabama, State Rep. Patricia Todd (D-Birmingham) introduced the Alabama Cannabis and Hemp Reform Act of 2013. The measure would allow the personal and medical use of cannabis as well as legalize and regulate the production of industrial hemp. Adults could possess and grow marijuana, and a separate program would be created for medical cannabis patients. The measure also would allow state-regulated retail stores to sell cannabis, and such sales would be taxed.
In Illinois, efforts to legalize medical marijuana under a four-year pilot program are gaining steam. The Illinois House of Representatives approved a measure that would allow up to 66 dispensaries to open during the pilot program. The measure now heads to the Senate, which approved a less-restrictive measure several years ago. Chances appear high that the bill will now pass.
In Maryland, the state Senate voted in favor of a bill to legalize medical marijuana following approval in the House of Delegates in March. Maryland is now poised to become the 19th state in the nation and the District of Columbia with medical marijuana laws, as Gov. Martin O'Malley has indicated he will likely approve the measure.
In Nevada, a state Senate committee passed a bill that would let medical cannabis dispensaries open up across the state. Nevada already has a medical marijuana law on the books but does not technically allow dispensaries to operate. Under Senate Bill 374, one dispensary could open in each county, though up to 10 dispensaries could operate in Clark County (which includes Las Vegas) and three in Washoe County (which includes Reno).
In New York, a recently introduced a bill to legalize and regulate medical marijuana sailed through an Assembly committee, and the fact that three Republican lawmakers supporting the bill is fueling hopes that the measure will gain enough support to pass in the GOP-controlled Senate.
In Pennsylvania, lawmakers introduced a measure in the state House to legalize medical cannabis, coming on the heels of a companion bill recently unveiled in the Senate.
"The changes are coming fast and could dramatically impact our business for the better," Dr. Bruce Bedrick, Medbox CEO stated. "As more states and even the federal government are poised to allow both medical and recreational use of marijuana, Medbox and our newly acquired companies stand to reap significant increases in sales and revenues," he added. "We believe this climate will continue to create value for our shareholders and business partners."
This positive news comes on the heels of Medbox reporting that their First Quarter 2013 results recorded the highest revenues in the company's history. The company expects to release comprehensive Q1 2013 results within the next few weeks.
