LOS ANGELES, Aug. 19, 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 received multiple orders from medical marijuana dispensaries for the CMSI proprietary "MediPayment" closed loop payment system.
"The CMSI MediPayments™ system will soon prove itself to be the ultimate payment solution for medical marijuana dispensaries operating in licensed jurisdictions throughout the U.S. and abroad. The proprietary payment solution has been under development over the last six months, and is designed to become the "PayPal" payment solution for this industry. Unfortunately, the banking community has not caught up with recent state legislation, thereby creating several hurdles for these businesses to take alternative forms of payment from patients other than cash. MediPayment™ is a closed loop debit system allowing for a card to card transaction between patient and dispensary, virtually eliminating the need for credit card transactions, and is less expensive than ATM, credit cards and other loyalty card programs while providing complete reporting, administrative functions, marketing tracking and bonus rewards. The system which can be installed in minutes will also eliminate fraud and theft associated with cash only operations," stated B. Michael Friedman, CEO for Cannabis Medical Solutions.
CMSI expects to begin installing the system in both Colorado and California dispensaries this month and hopes to have at least 5,000 to 20,000 patients on the system before year end. The fees and revenue to CMSI per transaction will be 2% per transaction, making usage less than the cost of an ATM or most credit card transactions. Our recent announcement with Medical Marijuana Inc. as a joint venture to launch the MediPayment card and our financial services within operating dispensaries is further proof of us taking a leadership role in this arena," 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.
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.