Form 8-K for MEDBOX, INC.
12-Nov-2015
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01 Entry into a Material Definitive Agreement.On November 4, 2015, Medbox, Inc. (the “Company”) entered into a certain Joint Venture Agreement (the “Agreement”) with Mark Marsh (“Marsh”) as an independent contractor to provide cultivation services for the Company. The Agreement has an initial term of five years. Marsh is to cultivate hemp outdoors and in greenhouses at the Company’s farmland located at 214 39th Lane, Pueblo, Colorado. The proceeds from sale of products related to the outdoor cultivation, after direct expenses, shall be distributed 90% to the Company and 10% to Marsh. The proceeds from the sale of products related to the greenhouse cultivation, after direct expenses, shall be distributed 99% to the Company and 1% to Marsh.
On November 10, 2015, the Company issued a press release announcing the signing of the Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.(d) Exhibits
Exhibit Number Description 99.1 Press Release dated November 10, 2015. |
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