LOS ANGELES, Jan. 25, 2011 (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 and health care industries, today announced an agreement for new merchant banking services including an open-loop prepaid medical card for patient purchases and discount prescriptions.
This new banking agreement and prepaid medical card will allow CMSI to offer an open-loop card for medical purchases, allow patients to receive discounts on traditional prescription medication through a national pharmacy network, include theft and fraud protection with online reporting, and finally allow patients to make transactions through a national ATM network and load the medical card through a mobile application. "We remain dedicated to the development and launch of cutting edge financial solutions not only for the medicinal medical marijuana sector, but for the m-healthcare sector as well. We are extremely excited about our new patient medical cards licensed by MediPayment, and expect to release the first cards in the state of Montana and Colorado over the next few weeks," stated Michael Friedman, acting CEO for Cannabis Medical Solutions Inc.
About Cannabis Medical Solutions
Cannabis Medical Solutions Inc. (OTCBB:CMSI) () 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 info@cannabismedsolutions.com