Pubdate: Wed, 26 Aug 2015
Source: Los Angeles Business Journal (CA)
Copyright: 2015 Los Angeles Business Journal
Contact:  http://www.labusinessjournal.com
Details: http://www.mapinc.org/media/4405
Author: Matt Pressberg

MEDBOX FOUNDER RETIRES SHARES, GIVES SOME TO CHARITY

Wednesday, August 26, 2015 - Medbox Inc. Founder P. Vincent 
Mehdizadeh is letting 13 million shares of his company go up in 
smoke, raising the value of those held by others.

Mehdizadeh, who briefly became a billionaire on paper when shares of 
his West Hollywood medical marijuana dispensing firm hit $52.50 in 
early 2014, said in a Wednesday press release that he would be 
retiring 2 million preferred shares, which are convertible to 10 
million common shares, plus another 3 million common shares in his 
possession, effectively removing them from circulation.

After the share retirement, Mehdizadeh will hold about 11.8 million 
shares, worth just $1.5 million as of Wednesday's closing price.

Mehdizadeh said he will also be donating 1 million shares each to the 
Marijuana Policy Project and Law Enforcement Against Prohibition, and 
has also pledged 3 million shares to a charity he founded.

"This share retirement is a token of my appreciation to the 
shareholders that made me proud to be associated with Medbox when it 
was a leader in the cannabis sector,"  Mehdizadeh said in the press release.

After the announcement Wednesday, a day that saw broad stock market 
gains, Medbox shares soared 60 percent to 13 cents a share.
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MAP posted-by: Jay Bergstrom