Truth Seeker
New Member
Medbox Inc. (OTC:MDBX), a California-based company with offices in Connecticut, which has developed a drug dispensing system that uses hardware, software and biometric scans to verify a medical marijuana patient's identity has using both the person's ID card and a biometric fingerprint scan, has been its stock jump to record highs recently.
Medbox Inc. CEO Dr. Bruce Bedrick said the reason the company, which sells its machines to licensed medical-marijuana dispensaries, continues to see rises and falls of 150 percent per day is because the supply is low and demand high. The low trading volume has resulted in major price swings, according to the company.
Bedrick said the company's stock is still company-owned, and the publicly-held shares are thinly traded. The company cautioned stockholders and investors that the fast rise in its stock was unwarranted by business conditions. Medbox started to see the boost in stock price after Massachusetts joined 18 other states in allowing the use of medical marijuana by those suffering from chronic illnesses.
"We look forward to the day when all states have well defined medical marijuana dispensing laws," Medbox CEO Bruce Bedrick said in July. "Eventually all states that currently allow medical marijuana, but don't have clear regulations for how it is dispensed will have to follow the example that states like Arizona and Connecticut have set forth."
The company's stock was trading at $60 up 20 percent as of 3 p.m. Tuesday. Medbox stock saw a 52-week low of $.03 and 52-week high of $215.
News Hawk- TruthSeekr420 420 MAGAZINE
Source: masshightech.com
Author: Patricia Resende
Contact: Mass High Tech Business News
Website: Pot-dispensing machine maker explains stock highs - Mass High Tech Business News
Medbox Inc. CEO Dr. Bruce Bedrick said the reason the company, which sells its machines to licensed medical-marijuana dispensaries, continues to see rises and falls of 150 percent per day is because the supply is low and demand high. The low trading volume has resulted in major price swings, according to the company.
Bedrick said the company's stock is still company-owned, and the publicly-held shares are thinly traded. The company cautioned stockholders and investors that the fast rise in its stock was unwarranted by business conditions. Medbox started to see the boost in stock price after Massachusetts joined 18 other states in allowing the use of medical marijuana by those suffering from chronic illnesses.
"We look forward to the day when all states have well defined medical marijuana dispensing laws," Medbox CEO Bruce Bedrick said in July. "Eventually all states that currently allow medical marijuana, but don't have clear regulations for how it is dispensed will have to follow the example that states like Arizona and Connecticut have set forth."
The company's stock was trading at $60 up 20 percent as of 3 p.m. Tuesday. Medbox stock saw a 52-week low of $.03 and 52-week high of $215.
News Hawk- TruthSeekr420 420 MAGAZINE
Source: masshightech.com
Author: Patricia Resende
Contact: Mass High Tech Business News
Website: Pot-dispensing machine maker explains stock highs - Mass High Tech Business News
