LOS ANGELES, Aug. 17, 2010 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. (www.cannabismedsolutions.com/" target="_top" rel="nofollow">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 merchant services and agent agreement with Medical Marijuana Inc. (Pink Sheets:MJNA). Under the new agreement, CMSI will provide merchant services, cash advance, POS systems and the CMSI proprietary "MediPayment" closed loop payment system to all clients and dispensary contacts of Medical Marijuana Inc.
"We are extremely excited about the opportunity and this new partnership with Medical Marijuana Inc., a true pioneer within the medicinal marijuana industry. We believe that being the exclusive provider of financial services to potential new clients of MJNA and providing those clients access to our MediPayment system, the first closed loop payment system dedicated to the medical marijuana industry for secure payments, tracking and administrative modules we can be a stronger force working together than as separate companies focusing within the same arena", stated Michael Friedman, CEO for Cannabis Medical Solutions.
"We will continue to provide cutting edge and compliant financial solutions as an alternative to cash only transactions for this exploding industry, as new legislation evolves throughout the United States to maintain our leadership role," added Friedman.
About Cannabis Medical Solutions
Cannabis Medical Solutions Inc. (OTCBB:CMSI) (www.cannabismedsolutions.com/" target="_top" rel="nofollow">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.
About Medical Marijuana Inc.
Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
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.