Editorial Team
... Read More
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Cookie Policy.
Written By: Editorial Team | Updated : May 14, 2013 11:46 AM IST
The times they are a changing! With more and more states in the US decriminalising the recreational and medicinal use of marijuana, it was just a matter of time before weed the ultimate symbol of rebellion became part of the capitalist world and got its own vending machines! That's right a company called Medbox has actually made marijuana vending machines!
'We are in the right place at the right time,' says Bruce Bedrick the CEO of Medbox. 'We are planning to literally dominate the industry.'
In practice, Medbox's product is just like any dispensing machine the only thing different is that it's big, black, armoured and refrigerated. It's not like you can just saunter over to it, put in a few bills and get a stash of weed. It will be behind sales counters at state-licensed dispensaries. Its technology will allow it to first check the fingerprints of patients carrying state-issued medicinal marijuana cards. The machine will store cannabis leaf, brownies, lozenges and other 'medibles'.
A database will keep track of allotments so patients can't buy more than the prescribed limits. Basically, it's going to organise, regulate and make marijuana a simple product. The market potential is huge, legal marijuana sales could go up to $5 billion by 2018. For now banks still shun marijuana business but there's a belief that this won't last for long.
Medbox saw its market cap soar to over $2 billion in November after Colorado and Washington legalised the use of weed.
