It has been a terrible year for Medbox Inc (OTCMKTS:MDBX) stock as it had plunged sharply from above $6 to less than $0.2 in a matter of few months. Still, the stock is showing no signs of pullback and is making new 52 week lows every now and then.
IN last trading session, the stock price of MDBX declined more than 14% to close the trading session at $0.165. The decline came at a share volume of 976,947 compared to average share volume of 639,571.
The buzz
Medbox reported that it was featured as a presenter at popular Viridian Cannabis Investor Conference held on June 18. It was the first ever cannabis investment seminar held in New York City. It was an invitation-only conference and was being organized by Viridian Capital Advisors, the first ever investment banking entity dedicated to the cannabis industry.
Doug Mitchell, the Chief Financial Officer of Medbox, gave the presentation. He highlighted the Medbox story during his presentation.
The event
Viridian’s conference was focused on topic of investing in the growing cannabis market while managing risk. The objective was to highlight the opportunities and risks related to investing in the cannabis industry. The law enforcement officials, entrepreneurs and industry’s CEOs spoke on the critical topics that investors should account for before investing in cannabis market.
Scott Greiper who is the President of Viridian Capital Advisors, stated that Medbox is witnessing a transformation from offering services for a one-time fee to a wider field of management consulting firm. As the company seeks transformation, it will provide a full array of specialized services essential to plan, commence and operate approved medical marijuana dispensaries and grow centers.
The financing
In unrelated news, Medbox Inc (OTCMKTS:MDBX) reported that its Form S-1, filed couple of months ago with the U.S. SEC, has become effective. With that, the company will get nearly $3.5 million in committed funds which will be used for working capital and other general corporate needs.
