LOS ANGELES, May 2, 2011 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. () (OTCBB:CMSI), a leading company specializing in merchant payment solutions and financial products for the medical marijuana and health care industries, today announced multiple agreements to provide financial payment and merchant services to at least fifteen (15) additional Medical Marijuana wellness centers in the state of Colorado. The dispensary and wellness center operations are mostly based in Denver, and are presently being boarded on the CMSI payment network, and we expect the completed transition to our financial services platform to be completed over the next thirty to sixty days. Based on current operations and merchant services volume, the Company expects the new dispensary operations will provide at least two million ($2,000,000) annually in gross merchant processing volume. The new clients will also be eligible to participate in the CMSI MediPayment patient card, allowing for payment, tracking and medical records of all medicine purchases for the location.
"We are quite pleased with the latest surge in clients within the medical marijuana sector seeking out CMSI as a partner to their operations. We pledge to continue to offer the most secure and compliant banking and payment solutions within the sector, to ensure our client list will remain within legal guidelines as proposed by cooperating jurisdictions," stated B. Michael Friedman, CEO for Cannabis Medical Solutions.
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.
CONTACT: Cannabis Medical Solutions Inc. Investor Relations: 305-396-9097 info@cannabismedsolutions.com