Medbox announces first medical marijuana dispensing system in Massachusetts, updates financial projections

November 26, 2012 - 

Medbox Inc., a leader in the development of automated, biometrically-controlled dispensing and storage systems for medication and merchandise announced today that the first medical marijuana dispensing system has arrived in Massachusetts.

The company has just released two videos describing the vending machines and vending system in detail, as well as the process of a typical transaction using their system. These videos are available online here and here.

Medbox uses fingerprint samples to ensure that only those who qualify can get medication from its machines, verifies that users are registered patients with valid authorization from a physician and records each transaction for accounting and compliance purposes.

As previously reported in BiometricUpdate.com, Medbox saw its stock price rise over 3000% after being featured in an article on how to invest in legalized marijuana earlier this month.

Since then, the company has revised its financial projections for the period through 2016. The revised projections show over $6 million in increased revenue for fiscal year end 2013, with subsequent increases throughout the next 3 years, culminating in a leap from initial projections of $48.6 million by end of fiscal year 2016 – up to a hefty $72.7 million.

“We are in the right business, at the right time, with the right products and the right services,” Dr. Bruce Bedrick, CEO of Medbox said. “Our anticipated growth is happening faster than initial forecasts, but is completely in line with market conditions and demand.”

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About Adam Vrankulj

Adam Vrankulj is an editor for BiometricUpdate.com. His background consists of online news writing, editing and content marketing. Adam has written for CBCNews.ca, BlogTO and was the editor and curator for the nextMEDIA and CIX Source publications. He has a degree in journalism and is passionate about science, technology and social innovation. Contact Adam, or follow him at @adamvrankulj