Los Angeles, California (FSCwire) - 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 it has entered into a three-year management agreement with Rise Industries, Inc., which will serve as operator of Sunrise Patient Group, a medical marijuana home delivery service, for Medbox’s client, Alternative Health Cooperative, Inc.
The delivery service is set to open this month and is expected to generate an immediate revenue flow. Medbox previously obtained a Conditional Use Permit (CUP) granted by the City of San Diego that will authorize Alternative to operate a dispensary at 3385 Sunrise Street, San Diego, a 7,500-square-foot, two-story facility, when escrow is closed on the facility. Escrow is expected to close by the end of this year, and the facility is scheduled to open in the second quarter of 2016. The CUP was one of eleven to be awarded thus far by the City of San Diego.
“Arranging for the delivery service on behalf of Alternative is in keeping with our strategy of providing operators with a range of consulting services, including licensure, compliance and quality oversight, as we participate within several segments of the cannabis industry,” said Jeff Goh, President and interim Chief Executive Officer of Medbox. “All of us are excited about working with Rise Industries, and look forward to success from a business perspective, as well as fulfilling an important need for patients.”
About Medbox, Inc.
Medbox, Inc., a leader in the rap
idly 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 delivery service and revenue flow and the opening of the dispensary, 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.
For more information, contact:
Released December 10, 2015