Medbox Enters Business Agreement to Create Large U.S. Source of CBD Oil
Medbox, Inc. (OTCQB: MDBX), a provider of specialized services to the cannabis sector, including operators of dispensaries, cultivation centers, manufacturers and research facilities in those states where approved, today announced that it has entered into an agreement with Whole Hemp Company, one of the world’s leading growers and processors of hemp products, based in Colorado Springs, Colorado.
Under the terms of the agreement:
– Medbox will provide marketing and related services to Whole Hemp in connection with the sale of its Cannabidiol (CBD) products, from which it will share in the revenues;
– Medbox will receive 50% of gross margins from the sale of hemp and cannabis crops grown on a dedicated 40-acre parcel of land on Whole Hemp’s farm and on approximately 10 acres of land on the Medbox farm in Pueblo, Colorado, working as a contractor under the Medbox license;
– Medbox will build greenhouses in 10,000 square-foot increments on its Pueblo property, expressly for the use of Whole Hemp, and also will share in the proceeds from crops grown on the property by Whole Hemp, which will pay the full cost of the greenhouse construction;
– Whole Hemp and Medbox plan to collaborate in 2016 on the cultivation of hemp on 1,000 acres of farmland owned by Whole Hemp in Colorado, which the companies believe will create one of the largest hemp operations in the United States.
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