LOS ANGELES, June 3, 2010 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. (http://www.cannabismedsolutions.com) (OTCBB:CMSI), 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 has begun distribution of the stock dividend to most shareholders as of June 2nd, with the due bill (final date of distribution) for the dividend shares to all shareholders being on or about June 4, 2010.
The Company also announced that it will begin the first pilot program for its medical marijuana prepaid card to dispensaries later this month. "CMSI has quickly become the leader in financial transactions to the medical marijuana sector by providing merchant services, secure financial transaction software, and now our closed loop system for medical payments as an alternative to cash only and credit card transactions. As more and more states vote to allow the legal use of medical marijuana by patients in their cities through medical dispensaries, it has always been our goal to provide a closed loop banking system as an alternative to cash only and standard credit card transactions. The CMSI medipayments system will provide patients with live transaction data, reload capabilities, and the operators of dispensaries administrative functions to take payments by patients, pay licensing fees, taxes, and bonus reward patients for loyalty. Our Medipayments card will be the first of its kind, creating a full scale banking alternative and payment network specifically for the medical marijuana industry meeting all requirements set forth by the participating regions," stated B. Michael Friedman, CEO of CMSI.
About Cannabis Medical Solutions Inc.
Cannabis Medical Solutions Inc. (OTCBB:CMSI) (http://www.cannabismedsolutions.com/) 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.