Medbox Inc (OTCMKTS:MDBX) CEO Jeff Goh sent a letter to founder Mr. Vincent Mehdizadeh wherein he said that as company enters into the next stage of development and growth, he wants to personally express his thanks and gratitude on behalf of the board of directors and management team.
The CEO said that corporate transitions are challenging. The recent voluntary retirement and cancellation of all of founder’s Medbox preferred shares and 3 million of his common shares, effectively surrendering a majority voting position, was appreciated as a advantage to the company’s shareholders.
As a management team, they are working meticulously and moving forward dynamically on a positive note to establish a great company, capturing business opportunities offered by the growing cannabis sector for the patients benefit. It also meets company’s long-term goal of enhancing shareholder value. The CEO concluded that he look forward to keeping founder and all of company’s shareholders updated of achieved progress.
The business model
Prior to this letter, the interim CEO released a letter to shareholders wherein it talked about the business model of Medbox. He stated the new model is different compared to the previous model. The company terms itself as a provider of specialized services to different entities in booming marijuana industry. This list of operators includes manufacturers, research facilities, dispensaries, cultivation centers and other related groups in the states where marijuana have been decriminalized.
The interim CEO said that the company offers a broad range of services from consultation services to compliance and licensing to operations and advisory. In addition, the company shares a part of revenue and earnings of partners, as and where applicable. However, this revenue becomes accretive only when the businesses get operational. Medbox Inc (OTCMKTS:MDBX) is active into marijuana industry that continues to experience stable and steady progress. The company intends to become a leader in marijuana services industry.
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