LOS ANGELES, June 17, 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 to provide financial payment and processing solutions to a licensed medical marijuana dispensary and wellness care center in the state of California. The agreement will enable CMSI to provide merchant services to help eliminate cash only transactions, provide patient ID cards for transactions and tracking as well as digitized medical records in the near future. The licensed, non-profit dispensary operation has approximately 5,000 patients registered to the center.
"We are pleased to continue to be the leading provider of financial payment transactions and patient services within this sector, and at the same time expanding our secure financial solutions throughout the overall medical sector," stated Michael Friedman, CEO for Cannabis Medical Solutions.
The Company will additionally be releasing an 8K outlining significant events of the Company as related to the shareholder later released earlier this month after the close of markets today.
About Cannabis Medical Solutions
Cannabis Medical Solutions Inc. (OTCBB:CMSI) (www.globenewswire.com/newsroom/ctr%3Fd=219780%26l=5%26a=http%253A%252F%252Fwww.cannabismedsolutions.com%252F%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D17mq5ss7e%252F%252A%252Ahttp%25253A%252Fwww.globenewswire.com%252Fnewsroom%252Fctr%25253Fd%253D215819%252526l%253D4%252526a%253Dhttp%2525253A%2525252F%2525252Fwww.cannabismedsolutions.com%2525252F%252526u%253Dhttp%2525253A%2525252F%2525252Fus.lrd.yahoo.com%2525252FSIG%2525253D119baj7k9%2525252F%2525252A%2525252Ahttp%252525253A%2525252Fwww.cannabismedsolutions.com%2525252F" target="_top" rel="nofollow">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.