LOS ANGELES, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. ( http://www.cannabismedsolutions.com/ ) (OTCBB:CMSI), a leading company specializing in merchant payment solutions and financial products for the medical marijuana industry, today announced that the Company believes the recent defeat of Proposition 19 in California will have no effect on the Company's current business strategy of providing secure payment solutions and services to medical marijuana dispensaries throughout fifteen states.
"Although most supporters of Proposition 19 are somewhat disappointed with the final decision in California, there are in fact many positives that have come from the recent popularity of the subject of complete legalization and commercialization of marijuana. Not so long ago, and once a subject not taken seriously by state legislators, the topic has quickly worked its way to the national political stage and will continue to be on the forefront of many states considering at least medical use of marijuana for registered patients. With 15 states presently providing access to medical marijuana for approved patients, and another 15 states drafting legislation, CMSI will continue to be a pioneer within the sector providing secure payment solutions, financial products and services to the industry. Many of our client dispensaries and care providers were in fact concerned about the move in California as to what effect the new bill would have on their future business model. We will continue to move forward and prove our MediPayment solution™, merchant processing, as well as vertical markets throughout several states as a viable alternative to cash payments. CMSI will continue to be the driving force and model for those states seeking additional tax revenue as the economy continues to lag opening medical marijuana and its use as a vehicle for additional tax revenue to the states much like tobacco and alcohol sales", stated Michael Friedman, CEO for CMSI.
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 15 states. In an effort to keep these businesses within the guidelines of CO Amendment 20, SB 109 and HB 1284, CA Proposition 215, SB 420, SB 1449 and Proposition 19. Cannabis Medical Solutions (CMSI) 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, 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: 305-396-9097 800.420.CALL info@cannabismedsolutions.com