LOS ANGELES, May 27, 2010 (GLOBE NEWSWIRE) -- Cannabis Medical Solutions Inc. (http://www.cannabismedsolutions.com/) (OTCBB:CMSI), a leading company specializing in both brick-and-mortar and online merchant payment solutions and financial security products for medical marijuana dispensaries and high-risk merchant accounts, today announced that the final date for shareholders of record to receive the benefit of the previously announced stock dividend is June 1, 2010. The ex-dividend date is June 2nd, 2010 with the due bill (distribution) for the dividend shares to shareholders as of the close of trading on June 1st being June 4, 2010.
The Company also announced that is has added six (6) new medical marijuana dispensaries as merchant processing clients in Colorado over the last week, with several more awaiting banking approval. The new client dispensaries will increase gross processing volume to CMSI to at least $2,000,000 annually. Further, the company has named B. Michael Friedman, founder of CMSI as interim CEO, as Mr. Kyle Gotshalk, currently CEO, has notified the Company of the necessity to take a leave of absence for personal reasons.
"As the principal founder and major shareholder of the Company, I have been involved in the day to day business decisions and responsible for banking partners and clients since inception. As we seek additional qualified, respected and 'hands on' management to join our board of directors during this tremendous stage of growth to our company, I am happy to take on the title in order to direct the day to day operations as we continue to build this company on behalf of our shareholders," stated B. Michael Friedman.
About Cannabis Medical Solutions Inc.
Cannabis Medical Solutions Inc. (OTCBB:CMSI) (http://www.cannabismedsolutions.com/) has quickly become the most recognized brand and partner in both online and wireless niche merchant payment solutions. 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) terminals in conjunction with Industry Alliance Partners. The Company has recently focused on providing payment solutions to the licensed medical marijuana dispensaries throughout 14 states. In an effort to keep these businesses within the guidelines of CA Proposition 215 and SB 420, Cannabis Medical Solutions 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, New Mexico, Colorado and Montana.
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.