2012 was a banner year for Medbox Inc. (MDBX.OB), the maker of medical-marijuana dispensing machines, courtesy of a law legalizing the recreational use of marijuana in Colorado and Washington.
For readers who are new to Medbox, here's brief overview of its business and the upcoming event to watch out for...
Medbox was trading in a range of $1.24 to $3.45 from Nov.17, 2011 till Nov.8, 2012. However, in the following week, the stock rocketed upward, reaching $215 per share on Nov.15, 2012, after being featured in a Wall Street Journal MarketWatch report.
Though the stock has now given up most of its recent gains, it still hovers around $68, a premium of over 2,200% to its 52-week low.
On January 8, 2013, at the Biotech Showcase, Bruce Bedrick, CEO of Medbox, will be making a presentation about the company's biometrically controlled medicine dispensing and storage systems.
In addition to the medical-marijuana dispensers - its flagship system, the company's new product lines include,
* Sample-Safe - a biometric system that stores and dispenses medicine samples within doctors' offices.
* Lockbox Rx - a medication storage and retrieval system, designed for use in pharmacies.
* Medbox OTC - a non-biometric machine for over-the-counter items such as those typically found at a convenience store.
* Safe Access Storage Lockers - Designed to be used by medium to large mail-order companies for the retrieval of purchased goods by their customers at centralized locations.
Last month, the company signed a distribution agreement with MedTrend LLC to place a minimum of 15 Medbox systems in the State of Michigan over the course of the next 36 months. The deal guarantees a $500,000 contract fee to be paid to Medbox by Medtrend that is earned upon execution of the agreement.
Medbox is also eyeing opportunities in Canada in the wake of the country turning to private sector to aid in medical marijuana distribution.
The company generated over $1.3 million in revenue in Q3, 2012. Looking ahead, Medbox expects revenues to jump to over $24 million by fiscal year end 2014, and continue on a rapid growth path to over $48 million by fiscal year end 2016.
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by RTT Staff Writer
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