Cannabis Medical Solutions Inc. (Cannabis Medical Solutions - Transaction Processing, Merchant Accounts, Point of Sale Terminals) (CMSI 0.04, +0.00, +7.69%) , a leading company specializing in both brick-and-mortar and online merchant payment solutions and financial security products for medical marijuana dispensaries and high-risk merchant accounts, today announced that the Company will be demonstrating the "MediPayments" closed loop payment network this week and will soon begin the first pilot program for medical marijuana dispensaries within the state of Colorado.
"Although multiple states have approved the licensing of medical marijuana dispensaries within their jurisdictions with several more voting on the issue, the banking and credit card industries have hesitated and remain far behind state legalization and measures as it relates to patients paying for medication, in most cases forcing cash only transactions. CMSI has uniquely positioned itself as a leader by providing secure financial transactions, merchant processing, accounting and insurance services to medical marijuana dispensaries in legal jurisdictions around the country. Our MediPayments closed loop payment network will demonstrate not only to dispensary owners that an alternative to traditional merchant processing and cash only transactions exists for medical transactions, including customer tracking and information dissemination, but also help to educate municipalities and government officials that these transactions can be legitimately processed and recorded for tax revenues and perhaps insurance rebates on medication in the near future," stated B. Michael Friedman, CEO for CMSI. "We look forward to our pilot program beginning in Colorado this month as both an exceptional and meaningful proving ground for this revolutionary payment system," further stated Friedman.
About Cannabis Medical Solutions Inc.
Cannabis Medical Solutions Inc. /quotes/comstock/11k!cmsi (CMSI 0.04, +0.00, +7.69%) (Cannabis Medical Solutions - Transaction Processing, Merchant Accounts, Point of Sale Terminals) has quickly become the most recognized brand and partner in both online and wireless niche merchant payment solutions. The Company offers a full spectrum of secure and reliable transaction processing solutions using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) terminals in conjunction with Industry Alliance Partners. The Company has recently focused on providing payment solutions to the licensed medical marijuana dispensaries throughout 14 states. In an effort to keep these businesses within the guidelines of CA Proposition 215 and SB 420, Cannabis Medical Solutions offers reliable merchant payment solutions and closed loop pre-paid stored value and loyalty cards as a unique cash alternative to these regulated dispensaries for both operators and members of collectives. CMSI will seek to capitalize on this presently untapped and much needed solution, and presently provides services to multiple locations throughout California, New Mexico, Colorado and Montana.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Cannabis Medical Solutions Inc. to be materially different from the statements made herein.
CONTACT: Cannabis Medical Solutions Inc.
Investor Relations:
615.371.6148
800.420.CALL
info@cannabismedsolutions.com
NewsHawk: Ganjarden: 420 MAGAZINE
Source: MarketWatch
Contact: MarketWatch
Copyright: 2010 GlobeNewswire, Inc.
Website: Cannabis Medical Solutions Announces "MediPayments" Closed Loop Payment Network Demonstration and Pilot Program for Colorado Medical Marijuana Dispensaries - MarketWatch
"Although multiple states have approved the licensing of medical marijuana dispensaries within their jurisdictions with several more voting on the issue, the banking and credit card industries have hesitated and remain far behind state legalization and measures as it relates to patients paying for medication, in most cases forcing cash only transactions. CMSI has uniquely positioned itself as a leader by providing secure financial transactions, merchant processing, accounting and insurance services to medical marijuana dispensaries in legal jurisdictions around the country. Our MediPayments closed loop payment network will demonstrate not only to dispensary owners that an alternative to traditional merchant processing and cash only transactions exists for medical transactions, including customer tracking and information dissemination, but also help to educate municipalities and government officials that these transactions can be legitimately processed and recorded for tax revenues and perhaps insurance rebates on medication in the near future," stated B. Michael Friedman, CEO for CMSI. "We look forward to our pilot program beginning in Colorado this month as both an exceptional and meaningful proving ground for this revolutionary payment system," further stated Friedman.
About Cannabis Medical Solutions Inc.
Cannabis Medical Solutions Inc. /quotes/comstock/11k!cmsi (CMSI 0.04, +0.00, +7.69%) (Cannabis Medical Solutions - Transaction Processing, Merchant Accounts, Point of Sale Terminals) has quickly become the most recognized brand and partner in both online and wireless niche merchant payment solutions. The Company offers a full spectrum of secure and reliable transaction processing solutions using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) terminals in conjunction with Industry Alliance Partners. The Company has recently focused on providing payment solutions to the licensed medical marijuana dispensaries throughout 14 states. In an effort to keep these businesses within the guidelines of CA Proposition 215 and SB 420, Cannabis Medical Solutions offers reliable merchant payment solutions and closed loop pre-paid stored value and loyalty cards as a unique cash alternative to these regulated dispensaries for both operators and members of collectives. CMSI will seek to capitalize on this presently untapped and much needed solution, and presently provides services to multiple locations throughout California, New Mexico, Colorado and Montana.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Cannabis Medical Solutions Inc. to be materially different from the statements made herein.
CONTACT: Cannabis Medical Solutions Inc.
Investor Relations:
615.371.6148
800.420.CALL
info@cannabismedsolutions.com
NewsHawk: Ganjarden: 420 MAGAZINE
Source: MarketWatch
Contact: MarketWatch
Copyright: 2010 GlobeNewswire, Inc.
Website: Cannabis Medical Solutions Announces "MediPayments" Closed Loop Payment Network Demonstration and Pilot Program for Colorado Medical Marijuana Dispensaries - MarketWatch
