LAGUNA HILLS, CA--(Marketwired - April 08, 2014) -
Itonis, Inc. (PINKSHEETS: ITNS
) today announced its plans to market its MyECheck proprietary mobile app to the massively exploding marijuana dispensary market in order to facilitate cash-free point of sale transactions to gain transactional fee revenues.
The proprietary mobile app is coded and designed to work like an electronic check, allowing monies to be transferred safely and securely between the transacting parties. Due to existing banking limitations, marijuana dispensaries are conducting all their financial transactions strictly on a "cash only" basis, even in states where the sale of marijuana is legal. The MyECheck mobile app will allow consumers and dispensaries the security and convenience of a non-cash alternative to complete their transactions.
With our ability to charge a reasonable per-transaction fee, the app has the potential to create a huge revenue opportunity for the Company although revenue estimates from the sale of legal retail and medical marijuana vary widely. For Colorado alone, a February 2014 report released from Colorado's Joint Budget Committee projects legal marijuana tax revenues to be over $610 million from January 1, 2014 through June 30, 2015 (the end of Colorado's next fiscal year).
"We have reviewed the potential revenue stream available from the ever-climbing sales of medical marijuana and see our venture with MyECheck, Inc. as a right move to place the Company in a sector that will generate substantial gains for the Company and its shareholders," says Mark Cheung, the Company's CEO.
About Itonis, Inc.
Itonis, Inc. was incorporated in the state of Nevada on July 5, 2005 under the name of Kenshou, Inc., which later changed to Itonis, Inc. on December 2, 2005. Please visit www.itonisholdings.com.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's affiliates that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.