Cannabis Science Inc (fka CBIS)

[sadamo]

Share Thursday, November 04, 2010 11:53:16 AM
Re: None Post # of 7060

CMSI NEWS!!


Cannabis Medical Solutions Discusses Recent Proposition 19 Vote and Future Outlook

Company Believes Prop 19 Vote Will Have No Effect on Current Business Model With Medical Dispensaries
Nov. 4, 2010 (GlobeNewswire) --

LOS ANGELES, Nov. 4, 2010 (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 industry, today announced that the Company believes the recent defeat of Proposition 19 in California will have no effect on the Company's current business strategy of providing secure payment solutions and services to medical marijuana dispensaries throughout fifteen states.
"Although most supporters of Proposition 19 are somewhat disappointed with the final decision in California, there are in fact many positives that have come from the recent popularity of the subject of complete legalization and commercialization of marijuana. Not so long ago, and once a subject not taken seriously by state legislators, the topic has quickly worked its way to the national political stage and will continue to be on the forefront of many states considering at least medical use of marijuana for registered patients. With 15 states presently providing access to medical marijuana for approved patients, and another 15 states drafting legislation, CMSI will continue to be a pioneer within the sector providing secure payment solutions, financial products and services to the industry. Many of our client dispensaries and care providers were in fact concerned about the move in California as to what effect the new bill would have on their future business model. We will continue to move forward and prove our MediPayment solution™, merchant processing, as well as vertical markets throughout several states as a viable alternative to cash payments. CMSI will continue to be the driving force and model for those states seeking additional tax revenue as the economy continues to lag opening medical marijuana and its use as a vehicle for additional tax revenue to the states much like tobacco and alcohol sales", stated Michael Friedman, CEO for CMSI.