Cannabis investment firm Lizada Capital signed a $15 million deal Wednesday that will make it Medbox’s largest shareholder.

As a result, the majority of shares belonging to P. Vincent Mehdizadeh, Medbox’s founder and current majority shareholder, will be transferred to Lizada, an investor in the field of legal cannabis products. Medbox is a West Hollywood maker of marijuana dispensing machines.

A Lizada representative is expected to join Medbox’s board of directors within the next 90 days.

Medbox shares soared 32 percent Wednesday, closing at $2.38.

For reprint and licensing requests for this article, CLICK HERE.