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Welcome to Medbox! Our Company features patented systems that dispense medication to individuals based on biometric identification (fingerprint sample). Our newly designed systems allow pharmacies, assisted living facilities, prisons, hospitals, doctor's offices, and alternative medicine clinics... More
Wednesday, Apr 1610:18 AM
Wednesday, Apr 1610:18 AM| Comment!
- Move over Medbox (MDBX) because the ZaZZZ American Green Machine is in town in Colorado.
- Tranzbyte (ERBB) COO Stephen Shearin reports that the Doctors Orders pot dispensary in Denver will soon take delivery of the company's automated weed dispensing machine that the firm unveiled on April 12.
- No financial terms are disclosed.
Tuesday, Apr 82:06 PM
Tuesday, Apr 82:06 PM| 2 Comments
- Holding company Itonis (ITNS) plans to market its MyECheck mobile app to the marijuana dispensary market. The app works like an electronic check and will enable cash-free transactions.
- Colorado's 6-month tax take from legal pot sales is over $600M so the company sees a substantial revenue opportunity in the burgeoning legal cannabis market.
Monday, Apr 72:39 PM
Monday, Apr 72:39 PM| 30 Comments
- In a salute to trend-grabbing entrepreneurs everywhere, Hempamericana files an S-1. The industrial hemp firm plans to sell 34M shares to the public via a self-underwritten best-effort offering @ $0.12 per. Shares will trade on the OTCBB if a market maker agrees to pick up the issue.
- The company's sole employee is CEO Salvador Rosillo. He intends to use the ~$4M proceeds to execute his business plan of developing, manufacturing and marketing hemp-based products.
- Potentially undermining his plan's robustness is the statement on page 5 concerning the use of the proceeds: We intend to use the net proceeds to us for working capital and other general corporate purposes, however we do not have any specific uses of the net proceeds planned.
- The firm's balance sheet shows assets of $100.
- Further complicating matters is Mr. Rosillo's Chapter 7 bankruptcy a few years ago.
- Although not in the medical cannabis arena, industry followers still should find Hempamericana's filing an interesting read.
- (MDBX) (HEMP) (TRTC) (MWIP)
Wednesday, Apr 28:23 AM
Wednesday, Apr 28:23 AM| Comment!
- Annual revenue jumps 102% for Medbox (MDBX). The increase was primarily due to recognizing deferred 2012 revenue related to the completion of contracts for Arizona customers that were delayed due to court action that was settled in 2013.
- Gross margin was $2.6M (50.5%) compared to $1.5M (59.4%) in 2012. The decline was due to increased costs related to the build-out of locations for clients and the delays in implementing the AZ program.
- SG&A was $3.2M versus $1.9M the previous year. Net loss from operations was $560K.
- The company had $168K in cash and $185K in marketable securities at year end.
Friday, Mar 219:47 AM|Friday, Mar 219:47 AM| 7 Comments
Tuesday, Mar 1111:40 AM
Tuesday, Mar 1111:40 AM| 2 Comments
- Colorado is off to a fast start collecting tax revenue from the sale of medicinal and recreational marijuana. According to Forbes, the state's January take was $1.5M for the former and $2M for the latter. The bulk of sales happen in Denver county.
- The fully-burdened tax rate can be as high as 21.1% on pot consumers.
- The state also charges a 15% "retail marijuana excise tax" that is levied on the first sale or transfer from a cultivation facility.
- The state now faces the political problem about how and where to spend the money.
- Marijuana industry stocks such as (MDBX) (CBIS) (MJNA) (GRNH) continue to generate substantial investor interest and debate.
Monday, Mar 1010:24 AM
Friday, Mar 74:01 PM
Friday, Mar 74:01 PM| 9 Comments
- Robbins Arroyo LLP investigates Medbox (MDBX) to determine if management breached its fiduciary duties to shareholders.
- The shareholder rights firm initiates its inquiry on the basis of a report by Citron Research published on February 18 alleging inaccurate financial statements. In a follow-on article published on February 24, Citron accused certain individuals of improper stock sales.
Tuesday, Feb 1810:41 AM
Tuesday, Feb 1810:41 AM| 12 Comments
- Citron Research accuses Medbox (MDBX -2.7%) of taking part in "multiple frauds," and declares shares of the marijuana dispensing machine/consulting services provider to be "worthless."
- Citron observes Medbox announced last April it had Q1 2013 revenue "well in excess of $2 million," but reported Q1 revenue of only $1.75M in an SEC filing the following month.
- The firm also claims only one Massachusetts Medbox client has seen its dispensary application reach Phase 2, and the the client had their leased signed over to them by Medbox. In addition, the company and founder Vincent Mehdizadeh are accused of engaging in a number of related-party transactions.
- Citron's report (.pdf)
- Previous: Marijuana stocks rally after banking rules set
Friday, Feb 144:04 PM
Friday, Feb 144:04 PM| 12 Comments
- Volatile marijuana stocks have closed with big gains after the Treasury Dept. and deputy U.S. attorney general established banking regulations for licensed sellers. Notable gainers: MDBX +21.8%. MJNA +5.1%. GRNH +4.3%. AVTC +10.4%. MWIP +7.6%. HEMP +1.7%.
- The rules allow banks to do business with marijuana sellers deemed to be obeying state laws, and not running afoul of eight principles, which include selling to minors and trafficking marijuana to states where it's illegal to do so. However, banks will have to file suspicious activity reports detailing transactions made by marijuana vendors.
- The National Cannabis Industry Association calls the ruling, which comes six weeks after Colorado began legal marijuana sales, a "huge victory." But many observers think top U.S. banks will still tread cautiously.
- FINRA has issued a warning about potential marijuana stock scams.
Thursday, Jan 95:25 PM
Thursday, Jan 95:25 PM| 25 Comments
- Medical Marijuana (MJNA +4.3%) is up 25% YTD on the pink sheets as investors continue making speculative bets on pot-related plays following the start of legal marijuana sales in Colorado on Jan. 1.
- On the other hand, several peers gave back a big chunk of their recent gains today: GRNH -52.4%. AVTC -15.8%. MDBX -18.6%. HEMP -24.1%. MWIP -21.9%.
- But GW Pharmaceuticals (GWPH +23.5%), a more established name that yesterday priced a 2.4M-share follow-on offering at $36, went in the other direction.
- With demand outstripping expectations, Colorado is (for now) arguably seeing the marijuana equivalent of the 1970s oil crisis: Long lines, shortages, rationing, and soaring prices have become the norm for licensed dispensaries.
- Words of caution from seasoned investors about putting money into pot plays are easy to find. Fund manager Frank Igarra: "There might be one or two that survive, but having seen crazes like this, people have been burned by them a lot. The average investor should think twice."
- FINRA issued a warning in August about potential marijuana stock scams.
Tuesday, Jan 73:26 PM
Tuesday, Jan 73:26 PM| 2 Comments
- Shares of AVT (AVTC +125.2%) and Medbox (MDBX +65.5%) shares surge on continued marijuana-legalization news euphoria, small floats, and an announcement that the 2 companies have worked together to "improve our systems with electronic and biometric locks, which would aid in the safety and security of the marijuana products."
- Medbox has also ordered 2 "containers of machines" from AVT to have a ready supply of machines - Medbox has received "well over 200 machine orders."
Friday, Jan 34:49 PM
Friday, Jan 34:49 PM| 33 Comments
- Investors apparently have taken the big crowds outside marijuana retailers in Colorado as a harbinger of potential growth in the still-new industry after the state launched the first legal U.S. sale of recreational pot.
- Most of the companies that could benefit are very small, with MediSwipe (MWIP), which sells transaction processing systems to the medical industry, perhaps the most established; others include GreenGro Tech (GRNH), which sells growing systems and equipment popular with pot farmers; Medbox (MDBX), which makes storage and dispensing machines for controlled medicines; and GW Pharmaceuticals (GWPH), which focuses on medicines derived from marijuana.
Wednesday, Apr 32013, 3:34 PMMedbox (MDBX.PK -6.9%), which makes a drug dispensing machine that reads patients' fingerprints, slides after saying it will engage a second accountant before filing SEC Form 10 as "management believes a firm more focused and supportive of emerging microcap public companies would be best suited for long term operations." Interpret accordingly. |Wednesday, Apr 32013, 3:34 PM| 1 Comment