[ACCESSWIRE]
LOS ANGELES, CA / ACCESSWIRE / June 11, 2015 / Medbox, Inc. (OTCQB:MDBX), a leading provider of specialized consulting and technology solutions to the legal marijuana industry, today announced that its Form S-1, as filed in April with the U.S. Securities and Exchange Commission, has become effective. As a result, the company will receive approximately $3.5 million in committed funds from existing investors.
Medbox said the funds will be used principally for working capital and general corporate purposes.
"This funding is an important milestone for Medbox that strengthens our financial position, reflects confidence in our leadership and enables the company to move forward with its strategic plan in the rapidly growing legal marijuana sector," said Ambassador Ned L. Siegel, Medbox's Chairman of the Board.
About Medbox, Inc.
Medbox, Inc. provides specialized consulting services to the marijuana industry and sells associated patented products, including its Medbox medical dispensing system and medical vaporization devices. The company works with clients who seek to enter the medical, recreational and cultivation marijuana markets in those states where approved. Medbox offers turnkey solutions that assist with licensing and compliance, site selection, design and permitting, safety and security, along with full build-out and operational oversight. Medbox's consulting solutions and technology create structure and process for clients and their respective businesses in this rapidly emerging sector. For more information about the company, visit www.medbox.com.
Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements, including, but not limited to, receipt of approximately $3.5 million in committed funds, 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. 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.
For more information, contact:
Janet Simmons
PondelWilkinson Inc.
310-279-5980
pwinvestor@pondel.com
SOURCE: Medbox, Inc.