LOS ANGELES, Dec. 07, 2015 (GLOBE NEWSWIRE) -- P. Vincent Mehdizadeh, Founder and former majority shareholder of Medbox, Inc. commented on the pending dismissal of the shareholder and derivative lawsuits filed against Medbox, Inc.
“From the onset of these legal matters I have been vocal about the inaccurate and inflammatory statements contained in these lawsuits about my character and my management of Medbox matters when I was in a position of control at that company,” stated Vincent Mehdizadeh, Founder and former majority shareholder of Medbox. “The complaint itself made very derogatory racial statements about my heritage as an ‘Iranian immigrant’ and a ‘criminal’. I am happy that all lawsuits are being dismissed and resolved without my contribution of any cash to the derivative or shareholder plaintiffs in those matters. At all times I was in an earnest pursuit to operate the most ethical and professional companies in the cannabis sector and as a result recruited a seasoned management team and high-profile board of directors to help lead the way. In retrospect, that decision didn’t work out for the company as I had hoped. Resolving these claims in the manner they were ultimately resolved, prior to the class even being certified by the court, and with zero cash payment by me to the class and derivative plaintiffs, demonstrates a clear and convincing personal victory.”
Mehdizadeh contributed 2 million shares to the derivative class as part of the global settlement.
Mehdizadeh added, “My contribution of 2 million shares to the derivative class, with a current value of about $40,000, was necessary to get the cases resolved for the benefit of the company and its shareholders. A few months ago, I voluntarily retired 13 million shares for the benefit of the shareholders and donated another 2 million shares to charity. Contributing these additional shares to get these matters resolved was a no-brainer. I am happy to report I have moved on from Medbox and have transitioned to what I consider to be a better fit for my professional skills and talents.”
About P. Vincent Mehdizadeh, Founder and Former Majority Shareholder at Medbox, Inc.
Mr. Mehdizadeh has been actively involved in the cannabis industry since 2007. Mr. Mehdizadeh is the founder of Better Business Consultants, Inc. dba MJ Business Consultants, which is a wholly owned subsidiary of Pineapple Express, Inc., publicly traded on the OTC Pink market. At MJ Business Consultants Mr. Mehdizadeh serves as a senior advisor of technology development.
Mr. Mehdizadeh is considered an expert in the medical cannabis industry and is the inventor of two patents concerning the automated delivery of cannabis through a dispensing machine using biometric identification (Patent #US7844363) and a seed to sale POS system that tracks inventory and transactions occurring at cannabis dispensaries and cultivation facilities (Patent #US8818820). He is also the inventor of the patent-pending “Top-Shelf” System exclusively being developed for MJ Business Consultants. He has been interviewed and featured in news outlets including, the Wall Street Journal, CNBC, FOX News, Bloomberg Businessweek, BBC, and many others.
Mr. Mehdizadeh was responsible for funding and the creation of the Marijuana Policy Project “Consume Responsibly” campaign, as well as the Americans For Safe Access “Medicate Responsibly” campaign aimed at educating medical and recreational cannabis users in the states that allow consumption of cannabis about its health effects and dosage information. Mehdizadeh has donated over $2 million dollars to Americans for Safe Access (ASA), Marijuana Policy Project (MPP), Drug Policy Alliance (DPA), Law Enforcement Against Prohibition (LEAP), and St. Jude Children’s Research Hospital. Mehdizadeh has recently established a non-profit charitable foundation that is seeking tax-exempt status with the IRS called Self-Made Foundation, Inc. He will continue his charitable contributions through that entity with his first project being an autobiography to be released in early 2016 with all proceeds going to various charities, including St. Jude Children’s Research Hospital, Operation Smile, and the ASPCA.