MARINA DEL REY, CA–(Marketwire – June 9, 2009) – Medical Marijuana, Inc (PINKSHEETS: MJNA) continues to build market share with the addition of 4 more Cannabis Collectives that plan to use Medical Marijuana, Inc’s tax remittance card.
Bruce Perlowin, CEO of MJNA, says, “The robust structure of our processing platform allows us to build many custom features into our program, which gives the collective owners a variety of options as they customize the program to fit their particular needs.”
Medical Marijuana Inc is the first public company to recognize the vast and unequaled opportunities that exist in the rapidly expanding Medical Marijuana market. The scientific recognition of marijuana as a powerful medicine has brought marijuana to a new status and opened the door for investment and opportunity.
“With the expectation of revenue in the 3rd quarter 2009, our business plan is being executed as predicted,” says Charles Larsen, President of MJNA.
The Ability To Properly Manage Tax Collection
The Stored Value Platform System will provide verifiable solutions to manage the difficult task of revenue and taxation collection. The “Point of Sale” (POS) system will recognize the dispensary’s tax ID number, state and local tax rates and then provide “Automated Clearing House” (ACH) settlement of the taxes to the proper financial institutions. The customers of the dispensary are issued a plastic debit card or medical revenue card. The ease of access to certifiably secure transactions lessens the risk of loss at each level of the transaction.
All collectives/dispensaries in the U.S. are cash businesses. This presents a number of challenges. For the dispensary owner, he must be there all the time or his employees could be selling their own marijuana to the customers, and keeping the cash. With our Stored Value Card, Dispensary owners are more comfortable knowing all transactions are made with a stored value card. This reduces the losses associated many times with cash transaction businesses. For the investor looking to open more than one dispensary, this card allows him the ease of mind knowing all transactions are accounted for in all of his locations.
Master Agent Program
MJNA will begin conducting daily conference calls starting June 15 with its Master Agents that are engaged in offering the stored value card to dispensaries and co-ops in states where medical marijuana is, or soon may be, legal. The conference calls continue to explain the tax remittance card and the numerous other features inherent in this technology.
This Master Agent program continues to grow as more people take advantage of the opportunity to earn long term residual income from introducing this program to collective/dispensary owners across America.
Safe Harbor: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.