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, and
its wholly owned subsidiary 800 Commerce Inc.
(www.800Commerce.com), a provider of merchant processing and mobile
payment solutions, today announced that the Company has released a
Letter to Shareholders and corporate update to shareholders. The
letter to shareholders will also be posted on the company's
corporate website for the next seven days, located at
www.CannabismedicalSolutions.com.
Dear current and prospective Cannabis Medical Solutions
shareholders,
I would like to provide you with an update on our recent
activities, as well as provide a snapshot of what we anticipate
achieving through our company over the coming months. There are a
few items that we would like to make sure that our current
shareholders and the investing community are aware of:
Many of you have contacted the company for an update on our
progress. Our mission from inception has been to create a financial
payments and services company for the medical marijuana and
healthcare sector since 2010. Our unique blend of financial and
customized payment solutions help these operations to obtain
banking and credit card services properly, eliminate theft, fraud
and provide tracking and compliance for medical transactions. In
our opinion, we remain the first public company within the sector
to offer the only full legitimate suite of banking and merchant
services for this business model, and will continue to provide
cutting edge payment solutions and services for the medical
marijuana space as well as the mobile healthcare industry.
Over the past few months, the company has undertaken a thorough
analysis of the state of our sector, as well as how the company can
best capitalize on the circumstances of today and how we can best
prepare for the future. As such, I am excited to announce that our
new management team and I have determined that we believe that
diversification is tantamount to success in today's and tomorrow's
environment.
Presently, we support and provide services to several dispensary
and wellness operations in the states of California, Colorado and
Montana through our banking and merchant services agreements. We
also provide traditional merchant services through our wholly owned
subsidiary 800 Commerce Inc. Both Companies have added additional
banking and solution partners which now allow us to provide patient
ID cards with online medical record access, digitized personal
health records for medical patients and mobile payment technology.
We expect to announce new agreements and revenue streams offering
these services over the coming weeks.
Recently, we have announced the funding facility and signed term
sheet for our wholly owned subsidiary 800 Commerce Inc., in the
amount of $5,000,000. The first funding will take place immediately
upon the effective registration of the S-1 filing and spin-off of
800 Commerce Inc. All shareholders as of the record date to be
announced in the near future will receive a proportionate share of
the spin-off company, in addition to their holdings in Cannabis
Medical Solutions. As earlier stated, we expect this filing to take
place within the next sixty days. In addition, we are excited to
announce that we have just executed a term sheet with an additional
credit facility directly to Cannabis Medical Solutions in the
amount of $10,000,000. Terms of this funding will be released
within the next seven days. We are extremely pleased to have found
a funding partner who believes in our business approach within the
sector based on our new plans.
It has been quite challenging to raise capital over the last
twelve months, capture a retail audience for the Company and move
forward with our business model based on present federal government
outlook toward medical marijuana regulation and wavering state
legislation. We have found over the last year that simply having
the word "Cannabis" in our corporate name, although beneficial at
first in gaining recognition within the sector, has proven to be
detrimental in allowing us to announce banking partners, move
forward with signing agreements and meaningful contracts, as well
as receive research coverage or gain positive traction within the
marketplace. We believe our stock price and business model has
suffered dramatically directly as a result of our classification as
a cannabis company.
In reality, our banking agreements, financial and mobile payment
solutions are second to none. In fact, our banking agreements with
800 Commerce include some the largest providers and partners of
ecommerce transactions in the country. We have been limited in
being able to grow the merchant processing side and business model
of 800 Commerce as a direct cause of being part of a cannabis
company. By initiating the spin-off, we believe we have solved this
issue, and our current shareholders will immediately begin to reap
the benefits of the dividend and spin-off company and brand that
will soon become a recognized brand and revenue driven company
within the merchant services and debit card industry. Further, it
has been voted by the majority shareholders and board that the
parent Company will soon change its name from Cannabis Medical
Solutions to a name to reflect our MediPayments card brand, mobile
payment solutions, and new digitized personal health records
division, which will allow us to expand our client base to the
entire healthcare sector while servicing our existing client base.
We believe our business model, management team, and the aggressive
execution of our plan on behalf of our shareholders is more
important than a name, which has held us within certain box or
stigma based on existing federal and state legislation.
Important milestones and events within the last thirty days and
to be completed over the next ninety days include:
- Executed Term sheet for $5,000,000 credit facility for 800
Commerce Spin-off subsidiary
- Executed Term sheet for $10,000,000 credit facility for
Cannabis Medical Solutions directly
- Initiation of 800 commerce Spin-off and dividend share to
existing shareholders with record date to be announced in near
future with filing of S-1
- MediPayment patient card deployment throughout California for
both dispensary patients and Rx pharmacy patients offering discount
on prescription drugs, insurance and card to card money transfer
- Continued research and development on Biometric device tied to
MediPayment card program similar to drug database and prescription
card program for Walmart, CVS for patient ID and bill pay
- Partnership with one of the largest providers of digitized
personal health records for dispensary, wellness and RX
patients
With our corporate funding needs now place we have 100%
confidence in our business plan and in the ability of our team to
execute it profitably on behalf of our shareholders. Rest assured
that we will act in your best interests at all times and as we move
forward with your company, creating both growth and value in the
near term. We promise to update our shareholders on a weekly basis
as to the progress of these numerous and exciting events with our
company.
Best,
B. Michael Friedman
CEO, Cannabis Medical Solutions, Inc.
About Cannabis Medical Solutions
Cannabis Medical Solutions Inc. (OTCBB:CMSI)
(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.
About 800 COMMERCE INC.
800 COMMERCE Inc. (www.800Commerce.com) is positioned to become
a market leader in the online, wireless and traditional brick and
mortar merchant payment solutions industry. 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) technology. Our electronic payment
processing suite of services will enable clients to accept all
major credit cards, debit and ATM cards and ACH check drafts for
payment whether a retail, service, mail-order or Internet merchant.
As an industry innovator, we are dedicated to delivering
comprehensive services from merchant account activation, gateway
connections and web development to a worldwide client base.
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.
CONTACT: Cannabis Medical Solutions Inc.
Investor Relations:
305-396-9097
info@cannabismedsolutions.com