LOS ANGELES, Oct. 4, 2010 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. ( http://www.cannabismedsolutions.com/ ) (OTCBB:CMSI), a leading company specializing in merchant payment solutions and products for the medical marijuana industry, today announced on Thursday of last week, California Governor Arnold Schwarzenegger (R) signed into law, a bill that decriminalizes the possession of up to one ounce of marijuana. The bill reduces simple possession from a misdemeanor to an infraction. Under the bill signed last week, SB 1449, by Sen. Mark Leno (D-San Francisco), marijuana possession will be treated like a traffic ticket. The fine will remain at one-hundred dollars, and there will be no arrest record. The law goes into effect January 1, 2011.
"Gov. Schwarzenegger deserves credit for sparing the state's taxpayers the cost of prosecuting minor pot offenders," said California NORML director Dale Gieringer. "Californians increasingly recognize that the war on marijuana is a waste of law enforcement resources."
"This act is further affirmation of CMSI's business strategy within this sector as a provider of financial security products on behalf of the medical marijuana industry, eliminating cash only transactions often leading to theft and fraud. We will continue to offer financial software applications that prove these medical transactions can be properly tracked, licensed and can create taxable income for states with approved legislation, while paving the way for further approvals in additional states. We expect our business model to eventually expand into all areas within the medical marijuana sector not only including financial security applications, but ownership, infused beverages, edibles and nutraceuticals through our client dispensary networks in California, Colorado and Montana,"stated Michael Friedman 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 CA Proposition 215, SB 420, HB 1284, SB 1449 and Prop 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.
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.
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