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Last updated on April 16, 2014 at 12:57 EDT

Medbox, Inc. Supports Increased Regulation on the California Medical Marijuana Industry

April 4, 2012

HOLLYWOOD, Calif., April 4, 2012 /PRNewswire/ — Medbox, Inc. (Pinksheets: MDBX) (www.medboxinc.com) company CEO, Dr. Bruce Bedrick, came out in favor today on California Assembly Bill A.B. 2312. Known as the Medical Marijuana Regulation and Control Act, the bill seeks to clarify and strengthen specific aspects of existing laws and regulations.

In 1996, the people of the State of California enacted the Compassionate Use Act to ensure that seriously ill Californians have the right to obtain and use marijuana for medical purposes when deemed appropriate by a physician.

In 2003, the Legislature enacted the Medical Marijuana Program Act (MMPA). Under the guidance of the MMPA, approximately 60 California cities and counties have created medical marijuana access ordinances, however, many other cities and counties are calling for more guidance and regulation from the state and have passed bans or moratoria on medical marijuana cultivation and distribution while awaiting such guidance. Because there is no effective statewide system for regulating and controlling medical marijuana, local law enforcement officials have been confronted with uncertainty about the legality of some medical marijuana cultivation and distribution activities, and many cities and counties have passed local ordinances that in some cases conflict with state law.

The Medical Marijuana Regulation and Control Act currently before the State Legislature, seeks to address these areas.

Under the Act, a State Board of Medical Marijuana Enforcement will be created to ensure the strict, honest, impartial, and uniform administration and enforcement of the medical marijuana laws throughout the state. The Act will also establish a 2.5% tax on the sale of medical marijuana to pay for the Board and the regulatory system.

The Act will also provide law enforcement with guidelines to more easily determine whether or not a person is acting in conformance with the state’s medical marijuana laws and will provide courts and prosecutors flexibility in the punishment of minor marijuana offenses. Furthermore, the Act seeks to outlaw the issuance or use of fraudulent physician’s recommendations.

Vincent Mehdizadeh, CEO and Founder of Prescription Vending Machines, Inc., a subsidiary of Medbox, Inc., is a supporter of this legislation. The company manufactures the patented Medbox® system, which provides increased levels of security, verification and transparency, and enables clinics and dispensaries to conform to all local and state regulations.

The Medbox system is unique because it is the only automated method to instantly verify a patient’s identity through biometrics, check the validity of the patient’s authorization to possess the drug, and dispense only authorized quantities of the medicine. Additionally, the system provides an unalterable record of transactions, which is necessary for full transparency and taxation purposes.

By supporting legislation that provides clear-cut regulations, Mehdizadeh hopes that that the rights of patient’s that genuinely need and benefit from medical marijuana will be preserved and protected.

About Medbox, Inc:

Medbox is a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise. Medbox has offices throughout the world, including New York, Tokyo and Toronto, and has their corporate headquarters in Los Angeles.

Medbox provides their patented systems, software and consulting services to pharmacies, urgent care centers, clinics, hospitals, and medical groups worldwide.

Medbox, Inc. is a publicly traded company. Its common stock trades on the Over the Counter Market, ticker symbol MDBX.

For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.medboxinc.com.

SOURCE Medbox, Inc.


Source: PR Newswire