Medbox, Inc. (OTCQB:MDBX) entered into a three-year management agreement with Rise Industries, Inc., which will serve as operator of Sunrise Patient Group, a medical marijuana home delivery service, for Medbox’s client, Alternative Health Cooperative, Inc. Medbox is a provider of specialized services to the cannabis sector, which includes operators of dispensaries, cultivation centers, manufacturers and research facilities in approved states.
According to the company’s press release:
The delivery service is set to open this month and is expected to generate an immediate revenue flow. Medbox previously obtained a Conditional Use Permit (CUP) granted by the City of San Diego that will authorize Alternative to operate a dispensary at 3385 Sunrise Street, San Diego, a 7,500-square-foot, two-story facility, when escrow is closed on the facility. Escrow is expected to close by the end of this year, and the facility is scheduled to open in the second quarter of 2016. The CUP was one of eleven to be awarded thus far by the City of San Diego.
Jeff Goh, President and interim Chief Executive Officer of Medbox commented:
Arranging for the delivery service on behalf of Alternative is in keeping with our strategy of providing operators with a range of consulting services, including licensure, compliance and quality oversight, as we participate within several segments of the cannabis industry. All of us are excited about working with Rise Industries, and look forward to success from a business perspective, as well as fulfilling an important need for patients.