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Home 🌿 Marijuana Business News 🌿 Medbox Founder & Majority Shareholder Retires 13 Million MDBX Shares for the Benefit of the Shareholders 🌿

Medbox Founder & Majority Shareholder Retires 13 Million MDBX Shares for the Benefit of the Shareholders

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Submitted by Marijuana News on Wed, 08/26/2015 - 09:29

LOS ANGELES, Aug. 26, 2015 (GLOBE NEWSWIRE) -- P. Vincent Mehdizadeh, Founder and now former majority shareholder of Medbox, Inc. (OTCQB:MDBX) announced retiring 13 million shares of MDBX, including all 2 million preferred shares in his possession, carrying 5 to 1 conversion to common shares and super voting rights, along with an additional 3 million common shares. The shares have been retired, or in effect cancelled, resulting in 13 million less shares issued and outstanding on a fully diluted basis.

Mehdizadeh remains with approximately 11,778,746 common shares of MDBX, of which he has transferred 1 million shares each to Marijuana Policy Project (MPP) and Law Enforcement Against Prohibition (LEAP). He has also pledged 3 million shares to a charity Mehdizadeh founded called Self-Made Foundation, Inc. That transfer will occur after that nonprofit receives 501(c)(3) designation by the IRS. As a condition for receiving the gifts, the recipients have all agreed...

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