updated 11/18/2010 4:15:22 AM ET 2010-11-18T09:15:22

LOS ANGELES, Nov. 17, 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 Proposition 203, which makes medical marijuana legal in Arizona, passed by a narrow margin yesterday. The Arizona Secretary of State said the measure passed with 841,346 votes in favor and 837,005 against. Proposition 203 will enable a qualifying patient, who is registered with the Arizona Department of Health (ADH), to legally obtain an allowable amount of marijuana from a nonprofit medical marijuana dispensary and possess and use the marijuana to treat or alleviate symptoms associated with a debilitating medical condition. In April of next year, the ADH expects to begin to accept applications for registry identification cards and for dispensary certificates. The passage of Prop. 203 will not become official until the votes are canvassed on Nov. 29. The complete article by Thelma Grimes/San Pedro Valley News-Sun may be viewed here:

http://www.bensonnews-sun.com/articles/2010/11/17/news/news07.txt

"We have already been contacted by proposed dispensary operators seeking our MMD financial payment services for the state of Arizona, and are extremely pleased that the trend toward tolerating and legalizing medical marijuana for verified patients is continuing across multiple states allowing us to expand our footprint within the sector," stated acting CEO, Michael Friedman.

About Cannabis Medical Solutions

Cannabis Medical Solutions Inc. (OTCBB:CMSI) ( http://www.cannabismedsolutions.com/ ) 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.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.71%
$30K home equity loan FICO 5.26%
$75K home equity loan FICO 4.70%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.14%
17.14%
Source: Bankrate.com