Medbox, Inc. announced that it has closed escrow, completing the previously announced agreement on the purchase of 320-acres of agricultural land in Pueblo, Colorado for approximately $5 million. The company also reported that it is in late stage discussions with local licensed growers, initially for the cultivation on the property of hemp plants, followed by marijuana, and has selected and is in final negotiations with a general contractor for the build-out. Cultivation of hemp is expected to begin during the third quarter of 2015, with the initial harvest by the end of this year.

Plans call for growing and harvesting the first crops of marijuana for sale by the grower directly to dispensaries during the first half of 2016. Under terms of the land-purchase agreement, Medbox made a $500,000 down payment. The remaining $4.5 million is being financed.