Cannabis Science Signs Exclusive and Non-Exclusive Agreement with Prescription Vending Machines to Distribute its Patented Marijuana Dispensing Machines Worldwide
COLORADO SPRINGS, Colo., Aug 19, 2011 (BUSINESS WIRE) -- Cannabis Science, Inc. (OTCBB: CBIS), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to announce that Cannabis Science has entered into an exclusive distribution Agreement with Prescription Vending Machines Inc. (DBA Medicine Dispensing Systems) ("PVM") and contracted with PVM's principal Vincent Mehdizadeh to provide industry specific consulting and advisory services to Cannabis Science.
PVM is a profitable and operating business. To date the Company has provided consulting services to over 30 clinics in California and has helped to organize and set up another 70 clinics nationwide; of these 100 clinics, 70 were turnkey assignments outfitted with Medbox machines and technology; 30 were established prior to the Medbox machine being available for sale. The Company has sold and installed approximately 82 Medbox systems in the United States and in Canada. To date, PVM has generated in excess of $4.5 million in consulting revenues and sales of Medbox systems. PVM has generated $3.6 million dollars in revenues in the last 4 quarters alone. PVM is the only company in the world offering its proprietary blend of products and services.
Please visit thedispensingsolution.com for more information on PVM.
Vincent Mehdizadeh, President & CEO of Prescription Vending Machines Inc., (DBA Medicine Dispensing Systems) stated, "If Marijuana is to ever be taken seriously as a medicine, the industry needs to have a standard method of dispensing in place, similar to that found in the pharmacy industry. Our patented dispensing technology and software allows patients and marijuana outlets to work in concert with state and local authorities in order to promote overall integrity and legitimacy in the industry."
Details of the Cannabis Science and PVM Partnership
Cannabis Science and PVM signed a Worldwide Distribution Agreement effective August 10, 2011. Pursuant to the terms of the agreement, Cannabis Science shall enjoy certain worldwide rights as PVM's exclusive and non-exclusive distributor of all PVM products and services in the Continents of Asia, Africa, North America, South America, Antarctica, Europe, and Australia/Oceania as set forth below;
A) Asia (All exclusive, excluding Russia, the Ukraine, Georgia, Belarus, Estonia, and Latvia)
B) Africa (All exclusive)
C) North America (All exclusive, excluding the United States of America)
D) South America (All non-exclusive)
E) Antarctica (All non-exclusive)
F) Europe (All exclusive, excluding United Kingdom)
G) Australia/Oceania (All exclusive)
The companies shall jointly share in the proceeds on placement of specialized cannabis dispensing machines and industry specific consulting services provided by PVM's legal department for cannabis clinic operators in the jurisdictions that permit such activities. Cannabis Science shall solely derive additional revenue by licensing its formulations and products to existing PVM clinics as well newly formed clinics worldwide.
About Prescription Vending Machines
Prescription Vending Machines, Inc. (the "Company" or "PVM") developed the MedBox(TM) (hereinafter "Medbox"), a patented biometric medicine dispensing machine designed to dispense medical marijuana to authorized patients. The MedBox can stand independently or be interfaced with a counter-top patient verification point-of-sale system. The Company offers various support services to the medical marijuana market. PVM has participated in interviews with CNN, Associated Press, Reuters, BBC, CNBC, as well as over 30 other news agencies around the world concerning its cutting-edge products and services. PVM hold US Patent 7,844,363 B1 related to the Medbox machine and software. PVM has a strong lobbying presence within medical marijuana jurisdictions in the United States. PVM's technology was recently endorsed in Colorado's new medical marijuana regulations (HB 1043). |
