Medbox Inc. Forms 6 New Subsidiaries to Serve Legal Marijuana Business


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PK:MDBX / OTC:BB:PHOT / NASDAQ:CBIS / PK:ERBB
04/10/2014 [ACCESSWIRE]

Hollywood, Calif.-based Medbox Inc. (OTCPINK Markets: MDBX), a maker identity-verifying medical-marijuana dispensers, announced it is forming 6 new subsidiaries to serve the legal marijuana business.

Medbox has formed subsidiaries in marijuana research and development, real estate investments, dispensary management, banking, armored car transport and strategic investments in other public companies that have shown promise in the ancillary service sector of the burgeoning marijuana industry.

The new subsidiaries are:

-Medbox CBD Inc., specializing in hemp-oil concentrates and development of pharmaceutical products derived from cannabis to produce and distribute products based upon lifting of federal prohibitions of such activities.

-Medbox Property Investment Inc., specializing in real property acquisitions and leases to dispensaries and cultivation centers.

-Medbox Management Services Inc., specializing in dispensary management services to state licensed dispensaries for cultivation, dispensing, and marijuana infused products (MIPS).

-Medbox Banking Inc., specializing in banking transactions with prepaid debit cards, convenience checks, and cash depository needs for operators.

-Medbox Armored Transport Inc., specializing in armored car transport of cash from Dispensaries to participating banks.

-Medbox Investments Inc., specializing in investments and strategic partnerships in other public companies in the marijuana ancillary service sector that Medbox believes are viable and have growth potential.

"We are all witnessing the birth of a new industry and with that comes amazing opportunities for the companies that are properly positioned to take advantage of trends and leverage that into value," said Vice President of Medbox Matthew Feinstein, in a written statement. "While we are all focused on our core consulting and equipment sales, we would be remiss if we didn't capitalize on these opportunities presenting themselves on a daily basis it seems," he added.

The company is still focused on its existing subsidiaries of:

Medicine Dispensing Systems, Vaporfection International, Medbox Rx, and Medbox Technologies Ltd. (Canadian Corporation). Company executives report that all other subsidiaries not currently in use by the company shall be dissolved.

On Apr. 9, MDBX shares closed at $26.33, down 46 cents from its closing price the previous day of $26.79.

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Growlife Inc.’s Becomes Exclusive U.S. Distributor of VegaMatrix

In other cannabis-related news, Growlife Inc. (OTCBB: PHOT) announced that it has been selected by Kyle Kushman and his companies to handle national distribution of the VegaMatrix line of nutrients and supplements.

The VegaMatrix product line, particularly the organic formulations, which Kyle Kushman is world renowned, have contributed to a remarkable 18 different Cannabis Cup awards over the last several years.

"Our partnership brings together two leaders in the legal cannabis industry to support organic growers in clean crop production and maximum yields," Chairman and CEO of GrowLife stated Sterling C. Scott said, in a written statement. “We share with Kyle Kushman a commitment to quality, organics and customer service that set the standard for the industry.

This latest bit of positive news comes on the heels of Growlife releasing its Annual Report and financial results for the fiscal year ending December 31, 2013.

In its press release, the Woodland Hills, Calif. holding company that supplies equipment for legal marijuana growers outlined some of its results:

"GrowLife revenues for 2013 revenue from sales increased to $4,858,976 from $1,450,745, an increase of $3,408,231 or 235% compared against audited revenues in 2012. For the quarter ended December 31, 2013, Q4, revenue was $1,912,311, an increase of $1,237,691, an 183% increase compared to the $674,620 in revenues recorded for the same period in 2012," the release said.

But Growlife’s 10-K form filed with the Security and Exchange Commission gave more details including its net loss:

Net Loss

 

"The net loss for the year ended December 31, 2013 was $21,380,138 with the same period in fiscal 2012 generating a loss of $2,186,304. As noted above in 'Other Expenses', a significant portion of the Company's net loss for fiscal year 2013 is related to non-cash expenses."

 

Growlife also announced that its joint venture with CANX USA, LLC, extended the date for completion of due diligence and closing the transaction with RXNB Inc. ("RXNB") to Apr. 30, 2014.

 

No specific reason was given as to why the extension was necessary, or what part of the due diligence hadn’t been completed.

 

Due Diligence Time Extended

 

Under the agreement, GrowLife will sell and distribute RXNB proprietary technologies globally, and share profits related to technology licensing, subject to the approval of the GrowLife Board of Directors. GrowLife currently has a 45% ownership interest in OGI, with conditions under which it can gain majority interest.

RXNB is an investment company with holdings in drug formulation, manufacturing, and distribution. The company represents a recent roll-up of several independent companies in the pharmaceutical and nutraceutical market. RXNB has numerous pending patents in the field of THC research and development.

On Apr. 9, PHOT shares closed at 50 cents down 3 cents from its closing price of 53 cents the previous day, on volume of 28.4-million shares.

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Cannabis Science Inc. Focuses on Medical Marijuana Business in Nevada

Meanwhile, cannabis-based pharmaceutical company Cannabis Science Inc. (NASDAQ OTC: CBIS) announced Apr. 4 plans to enter the State of Nevada where new law expands medical cannabis opportunities to research, grows and dispensaries.

Cannabis Science has already created a partnership in Michigan to advance state cannabis law and pursue state-wide initiatives in Michigan. The Colorado Springs, Colo.-based company intends to bring its knowhow and resources to Nevada, the state of Cannabis Science's Incorporation.

According to the company, the new Nevada law marks another milestone in the progression in the legalization process of the medical cannabis industry in the United States -- one that is aimed at ways of managing multiple ailments for patients.

In addition, the new law is expected to contribute to the creation of new sources of revenue and employment opportunities within the state. Cannabis Science is well positioned to bring novel patient-based initiatives to Nevada.

This is just the latest positive news company from the company. On Mar. 18 announced it had finalized a $1,000,000 private placement and that the funds from the transaction were already in the bank.

The investors included Weedmaps Media Inc., the world's largest online guide for medical cannabis patients, and an unnamed Amsterdam-based investment company.

On April 9, CBIS’ share price closed at 14 cents, up 2 cents from its closing price of 12 cents the previous day, on volume of 15.8-million shares.

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Tranzbyte Corp. Launches American GreenZine for Marijuana Growers and Consumers

Finally, Tranzbyte Corp. (OTCPINK: ERBB) on Apr. 3 launched American GreenZine, an online publication it’s designed to report on the legal-marijuana industry, from the grower and consumer’s perceptive.

According to the Tempe, Ariz.-based company the new online magazine will use real-time web activity of topical influencers to surface the best content on any subject. The American GreenZine publication is scheduled to begin operating Fri., Apr. 4 at 8:20am EDT.

"With every passing day more news and articles come out about this industry, but they are located in 1000 or more different places, and many of the stories are musings by pundits who may know much or nothing at all about the industry. By aggregating and organizing the information, we provide a portal through which people can get all the news they want and filter it on their own," said David Gwyther, Tranzbyte's president.

This is just the latest chapter in Tranzbyte’s many marijuana-related business ventures. 

 On Mar. 21, the company announced that it signed a Letter of Intent to form a strategic partnership with Abattis (OTC Pink: ATTBF).

Under terms of the agreement, the companies will sell and market or otherwise license one another's products in their respective regions. Once the arrangement is completed, Tranzbyte will have access to Abattis’ expanding suite of bio-ceutical grow products found in the Biocube Green Grow Systems for cultivation (LED's, Nutrients - Natures Juice).

In addition, Abattis owns proprietary flash freeze extraction technology, which produces high-grade cannabis and other botanical extracts. Conversely, Abattis will have the Canadian rights to distribute ZaZZZ(TM) and will pair Tranzbyte's Jurassic O2 water systems with its Biocube Green Grow Systems sales efforts in the US.

On Apr 9, ERBB’s share price closed at 7 cents, up 1 cent  from closing price of 6 cents the previous day, on volume of 104.8-million shares.

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