Medbox, Inc. (OTCPK:MDBX) signed an agreement to acquire 320-acres of agricultural land in Pueblo, Colorado from Southwest Farms Inc for $5 million on July 23, 2015. Consideration of $0.5 million is deposited as down payment in the form of a note and $3.67 million into a secured promissory note bearing a 5% interest per annum and $0.83 million into an unsecured promissory note bearing a 6% interest per annum. The $4.5 million of consideration is financed by Medbox. The transaction is expected to close in August 2015. Janet Simmons of PondelWilkinson Inc. acted as the PR advisor for Medbox.

Medbox, Inc. (OTCPK:MDBX) completed the acquisition of 320-acres of agricultural land in Pueblo, Colorado from Southwest Farms Inc on August 7, 2015.