Medical Marijuana Inc Secures MOUs With Cannabis Collectives in New Jersey, Colorado, and California
MARINA DEL REY, CA, May 19, 2009 (MARKETWIRE via COMTEX) -- MJNA | Quote | Chart | News | PowerRating -- Medical Marijuana, Inc. (PINKSHEETS: MJNA | Quote | Chart | News | PowerRating) announces that three more collectives in the states of New Jersey (pending Governor signature), Colorado, and California have signed Memorandums of Understanding over the weekend to use Medical Marijuana, Inc's patent pending, stored value, tax remittance card. Bruce Perlowin, CEO of MJNA says, "Things are going really well. We started the Master Agent program a few weeks ago for our agents to show dispensaries the advantages with using our Stored Value Card. These latest dispensaries that have signed up continue to show the acceptance of our tax remittance program. This shows the power of our Master Agent program as it sweeps the country."
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. States are increasingly passing legislation favorable to the development of a medical marijuana industry; and this progressive policy comes at the request of thousands of constituents with conditions that could be mitigated by the use of marijuana or its related products and reflects the growing body of valid scientific evidence supporting the use of marijuana as a safe and effective medication. Medical Marijuana Inc is the first company in the United States to enter this industry with the intent to consolidate and develop products and services to satisfy emerging markets. In 2009, 13 states have already legalized the medical use of marijuana by qualified patients. In addition AL, CT, DE, IL, IA, MN, NH, NJ, NY, NC, PA, and TN all have medical marijuana legislation currently under review in their state legislatures. It is the intent of Medical Marijuana Inc to remain a dynamic company and take advantage of new opportunities as they emerge.
Taxability of Medical Marijuana Transactions
In February 2007, the California State Board of Equalization (BOE) issued a Special Notice confirming its policy of taxing medical marijuana transactions. Medical Marijuana Inc is committed to providing solutions to the difficult task of revenue and taxation collection for the emerging medical marijuana industry. Medical Marijuana Inc has developed a financial management system that will ensure local, state, and federal governments receive their tax revenues in a near-real-time environment. For industry participants this provides the added assurance that they will be in compliance with local, state, and federal regulatory and law enforcement authorities, regarding tax issues.
Solutions
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 and state and local tax rates as well as provide "Automated Clearing House" (ACH) settlement of the taxes to the proper financial institutions. The customers of the dispensary are issued the closed-loop "Stored Value Card" (SVC), a plastic debit card or medical revenue card that works with the POS.
Advantages
The ease of access to certifiably secure transactions lessens the risk of loss at each level of the transaction. Users and operators are empowered and Government Agencies are more confident in assuring their collection of taxes and fees while secure in the function of financial interactions. 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
Master Agent Program
MJNA conducts daily conference calls with its Master Agents that are engaged in offering the provisional patent, tax remittance, stored value card to dispensaries and co-ops in California and other states where medical marijuana is, or soon may be, legal. The conference calls explain the tax remittance card in regards to how it works as a solution for the taxing of medical marijuana and the numerous other features inherent in this technology.
For anyone interested in listening in, and asking questions on how the tax remittance card works, you can do so any day this week at 4:20 PM California time, calling the conference line via: 218-339-3600 PIN: 321677#
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.
For further details contact:
Bruce Perlowin
Email: Email Contact
www.medicalmarijuanainc.com
www.twitter.com/medmarijuanainc
http://www.tradingmarkets.com/.site/news/S...20News/2334343/
MARINA DEL REY, CA, May 19, 2009 (MARKETWIRE via COMTEX) -- MJNA | Quote | Chart | News | PowerRating -- Medical Marijuana, Inc. (PINKSHEETS: MJNA | Quote | Chart | News | PowerRating) announces that three more collectives in the states of New Jersey (pending Governor signature), Colorado, and California have signed Memorandums of Understanding over the weekend to use Medical Marijuana, Inc's patent pending, stored value, tax remittance card. Bruce Perlowin, CEO of MJNA says, "Things are going really well. We started the Master Agent program a few weeks ago for our agents to show dispensaries the advantages with using our Stored Value Card. These latest dispensaries that have signed up continue to show the acceptance of our tax remittance program. This shows the power of our Master Agent program as it sweeps the country."
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. States are increasingly passing legislation favorable to the development of a medical marijuana industry; and this progressive policy comes at the request of thousands of constituents with conditions that could be mitigated by the use of marijuana or its related products and reflects the growing body of valid scientific evidence supporting the use of marijuana as a safe and effective medication. Medical Marijuana Inc is the first company in the United States to enter this industry with the intent to consolidate and develop products and services to satisfy emerging markets. In 2009, 13 states have already legalized the medical use of marijuana by qualified patients. In addition AL, CT, DE, IL, IA, MN, NH, NJ, NY, NC, PA, and TN all have medical marijuana legislation currently under review in their state legislatures. It is the intent of Medical Marijuana Inc to remain a dynamic company and take advantage of new opportunities as they emerge.
Taxability of Medical Marijuana Transactions
In February 2007, the California State Board of Equalization (BOE) issued a Special Notice confirming its policy of taxing medical marijuana transactions. Medical Marijuana Inc is committed to providing solutions to the difficult task of revenue and taxation collection for the emerging medical marijuana industry. Medical Marijuana Inc has developed a financial management system that will ensure local, state, and federal governments receive their tax revenues in a near-real-time environment. For industry participants this provides the added assurance that they will be in compliance with local, state, and federal regulatory and law enforcement authorities, regarding tax issues.
Solutions
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 and state and local tax rates as well as provide "Automated Clearing House" (ACH) settlement of the taxes to the proper financial institutions. The customers of the dispensary are issued the closed-loop "Stored Value Card" (SVC), a plastic debit card or medical revenue card that works with the POS.
Advantages
The ease of access to certifiably secure transactions lessens the risk of loss at each level of the transaction. Users and operators are empowered and Government Agencies are more confident in assuring their collection of taxes and fees while secure in the function of financial interactions. 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
Master Agent Program
MJNA conducts daily conference calls with its Master Agents that are engaged in offering the provisional patent, tax remittance, stored value card to dispensaries and co-ops in California and other states where medical marijuana is, or soon may be, legal. The conference calls explain the tax remittance card in regards to how it works as a solution for the taxing of medical marijuana and the numerous other features inherent in this technology.
For anyone interested in listening in, and asking questions on how the tax remittance card works, you can do so any day this week at 4:20 PM California time, calling the conference line via: 218-339-3600 PIN: 321677#
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.
For further details contact:
Bruce Perlowin
Email: Email Contact
www.medicalmarijuanainc.com
www.twitter.com/medmarijuanainc
http://www.tradingmarkets.com/.site/news/S...20News/2334343/
