LOS ANGELES, July 26, 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 signed a Letter of Intent with Green Medicals LLC to acquire equity interest in up to eight (8) medical marijuana dispensaries within the state of Colorado. The proposed transaction will give CMSI operating interest in up to eight dispensaries in exchange for cash and equity to be disclosed upon signing of definitive agreement within the next two weeks.
"The closing of this transaction is subject to the normal due diligence process, stated B. Michael Friedman, co-founder and acting CEO of Cannabis Medical Solutions, including, without limitation, the execution of a definitive agreement and compliance with state and federal laws. We believe this potential transaction with Green Medicals LLC and their locations presently operating under the name "The Green Door" will immediately enhance our business franchising model and brand while creating meaningful revenues through ownership, merchant processing, cash advance loans and consulting fees," further stated Friedman.
About Cannabis Medical Solutions
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, SB 420 and HB 1284, 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.