P.Vincent Mehdizadeh, the founder of Medbox Inc (OTCMKTS:MDBX) updated shareholders on recent developments in the company. He also expressed his insights on the future plans. The company that commenced its operations in 2010 is a rare combination of consulting and patented technology. It provides entrepreneurs with a platform to start their business in an emerging industry.
Medbox Inc (OTCMKTS:MDBX) became a renowned name amidst a positive outlook for the cannabis industry in 2012 due to favorable election results. Several media sources highlighted the transformation in the industry as the ‘Green Rush.’ In the following months, the company’s share price witnessed unprecedented gains that were believed to have resulted from investors keen to become a part of ‘The Next Great American Industry.’
Mehdizadeh further wrote that up until three months ago, he was involved in every decision Medbox made, and his responsibility was to warn investors about investing in any firm in the pot market because of the intrinsic risks. The company also publicly warned investors to control their expectations about Medbox Inc (OTCMKTS:MDBX)’s stock and make informed investment choices. It resulted in criticism from peers, but it was acceptable as the focus was to protect investors. One of the main factors behind Medbox’s success is timely corporate messaging and dissemination of information to shareholders.
In the benefit of shareholders
Mehdizadeh said that his goal was to transform Medbox Inc (OTCMKTS:MDBX) from being a non-reporting company to being a fully reporting SEC filer. There was a requirement of an increased level of transparency that would have translated Medbox as a reliable name in the newly emerging marijuana industry. It happened as the founder engaged a PCAOB registered auditor and Q Accountancy Corporation. Also, he hired a full-time CFO, Thomas Iwanski, a CPA with extensive public company experience and excellent references. Guy Marsala was appointed as the CEO of the company.