Medbox, Inc. signed an agreement to acquire 320-acres of agricultural land in Pueblo, Colorado from Southwest Farms Inc for $5 million.

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.