MARINA DEL REY, CA--(Marketwire - May 01, 2009) - Medical Marijuana, Inc. (PINKSHEETS: MJNA) announced today the completion of an agreement to implement MMI’s provisional patent application and provide the ongoing management for the stored value platform.
After filing for a provisional patent based on a revolutionary invention last month involving a solution in the tax remittance sector of the medical marijuana industry -- Medical Marijuana, Inc. has now finalized the last two steps in bringing this product to the market place. By finishing up the agreements with Club Vivanet to provide their processing platform and processing bank -- Medical Marijuana, Inc. is now ready to take their tax solution to the Medical Marijuana dispensaries and collectives.
Club Vivanet’s processing license allows MMI the flexibility to implement their invented Point of Sale system that will provide for the settlement of state and local taxes on the sale of medical marijuana. MMI is launching Beta tests beginning in June 2009 that will include card production, card loading, hardware additions and ACH settlement to the depository bank and operating/tax bank accounts. MMI anticipates testing and refining the applications through August 2009 and official launch in September 2009.
About the Company
Medical Marijuana Inc. is the first publicly traded company in US history to enter the medical marijuana industry and is positioned to take advantage of opportunities as they appear in the emerging and legal medical marijuana arena.
For further details, contact:
Bruce Perlowin
email: Email Contact
Upcoming web site: www.medicalmarijuanainc.com
www.twitter.com/MedMarijuanaInc
