MedBox raises $2.5 million in financing
Medbox, a software and biometrics developer for medicine dispensing systems, has raised $2.5 million, according to an SEC filing.
Based in Los Angeles, California, MedBox provides pharmacy dispensing technology for the legal cannabis industry.
When new customers at a legal cannabis dispensary fill out an application and show their state-issued medical marijuana card to pharmacists, they also provide them with a fingerprint sample to verify their identity after each purchase.
Using biometric technologies, the dispensing units regulate the amount of medication to be given to each customer.
MedBox works with pharmacies, alternative medicine dispensaries — namely, the cannabis industry — and local governments.
According to its website, MedBox’s biometric products ensure inventory control, temperature controlled storage of medicine, fraud prevention by documenting every transaction, guaranteed compliance to state and local laws, and unparalleled accounting and tracking.
In addition to its software and consultant services business unit, MedBox also provides a “medical vaporizer product” through its newly created subsidiary, Vaporfection International.
According to the press release, the subsidiary is developing “ancillary services tailored to the alternative medicine industry: merchant services and armored transport for cash deposits, cannabidiol research and development, real estate acquisitions and subsequent lease programs to alternative medicine dispensary management services.”
“I am excited to announce a follow-on capital raise from an existing lender to our company, as this demonstrates confidence and commitment from our partner,” said Guy Marsala, who was named CEO of MedBox in June. “This new capital will be used to continue developing our robust pipeline and expanding our business in other key target markets. Medbox is building what we believe is the best positioned and best managed company in the industry. By properly capitalizing our business we can truly reward our shareholders.”