MARINA DEL REY, CA--(Marketwire - June 19, 2009) - Medical Marijuana, Inc (PINKSHEETS: MJNA) adds to its growing market share by signing the first Cannabis Collective in Orange County, California to use the Tax Remittance Card.
GGECO in Foothill Ranch, CA will implement Medical Marijuana, Inc’s Tax Remittance Card in July 2009. Bruce Perlowin, CEO of MJNA, said, “As we continue to ramp up our marketing efforts, momentum is building as more and more industry operators learn about the benefits of our products and services.”
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.
Tax Collection
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, state and local tax rates and then provide “Automated Clearing House” (ACH) settlement of the taxes to the proper financial institutions. The customers of the dispensary are issued a plastic debit card or medical revenue card. The ease of access to certifiably secure transactions lessens the risk of loss at each level of the transaction.
Internal Management
All collectives/dispensaries in the U.S. are cash businesses. This presents a number of challenges. For the dispensary owner, he must be there all the time or his employees could be selling their own marijuana to the customers, and keeping the cash. With our Stored Value Card, 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. For the investor looking to open more than one dispensary, this card allows him the ease of mind knowing all transactions are accounted for in all of his locations.
Solutions
Medical Marijuana, Inc is developing a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry that will provide the tools to industry operators to effectively manage their businesses with the confidence that they are in full compliance.
About GGECO
God Green Earth Compassionate Outreach -- GGECO offers a variety of services to patients, ranging from support groups, educational programs, workshops, seminars, nutrition, and medical preparedness. These services are facilitated and provided by volunteers, therapist, and other GGECO staff and are designed to help people cope with the challenges that accompany a serious illness diagnosis and medicinal treatment.
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 Contact
www.medicalmarijuanainc.com
www.twitter.com/medmarijuanainc
