LOS ANGELES, May 4, 2010 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. (OTCBB:CMSI), a leading company specializing in both brick-and-mortar and online merchant payment solutions and financial security products for medical marijuana dispensaries and high-risk merchant accounts and services, today announced the signing of an exclusive agreement with Specialized Payment Solutions Inc. of Colorado to provide merchant and financial services for up to thirty (30) medical marijuana dispensary clients throughout Colorado and California through its alliance partner network. Details of the agreement include that Specialized Payment Solutions will work with Cannabis Medical Solutions to provide banking, merchant and ATM services for existing clients, which presently represent approximately 30 dispensaries. The accounts are expected to reach over $7,000,000 in gross processing volume over the next year.
"It is clear that CMSI is becoming the 'go to' source for banking and payment solutions within the medical marijuana space across the country. We have worked hard to enable our clients to partner with the proper banking institutions, who understand this business, and therefore accounts we set up are in fact set up as medical dispensaries, not wellness centers or the like. The fact that we look at these businesses as a pharmacy, with the ability to administer or distribute a controlled substance, we insure that the bank has all the necessary paperwork to make an intelligent decision for underwriting this business, and for the merchant, we are allowing the owners to take alternative forms of payment without the worry of having accounts shut down for miscoding and monies held," stated Michael Friedman for Cannabis Medical Solutions.
About Cannabis Medical Solutions Inc.
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 14 states. In an effort to keep these businesses within the guidelines of CA Proposition 215 and SB 420, Cannabis Medical Solutions 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, New Mexico, 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.