Tuesday, August 11, 2009

Medical Marijuana Inc. Signs More Collectives & Invites Oakland to Learn About Tax Collection System

Medical Marijuana Inc continues an aggressive program of expansion, with the announcement of four new North Californian medical marijuana collectives signing up for its 'Stored Value Platform System'.

Medical Marijuana, Inc. (PINKSHEETS: MJNA) announced today that MOU agreements are now in place with an additional four medical marijuana collectives from different counties in the Northern California region. All four collectives have signed on to implement MJNA's Stored Value Platform System in their respective businesses.

The Stored Value Platform System, a Point-of-Sale system, is a hallmark element of Medical Marijuana's business solutions package. This stored value-based system, once in place, helps businesses that are dispensing medical marijuana more efficiently and securely manage the tasks of revenue and taxation collection. The ease of access to certifiably secure transactions lessens the risk of loss at each level. Both provider and patient benefit greatly from this revolutionary program designed by MJNA.

The addition of collectives within the top half of the Golden State is also important to Medical Marijuana, Inc. on another level too.

As part of its effort to persuade at least one major Bay Area municipality to join in discussions with the Company regarding its automated tax collection solutions.

Per a special July 2009 election, the City of Oakland, CA, will become the first U.S. city to tax proceeds on the sale of medical marijuana. Approximately 80 percent of voters residing within city limits chose to support the initiative, which was adopted by many of the city's medical marijuana collectives and the Oakland City Council as part of the solution to Oakland's longstanding budget shortfall.

By employing Medical Marijuana's tax collection system, the City of Oakland could cost-effectively implement the necessary infrastructure to collect on every sale made within city limits by licensed collectives and collect those taxes on a daily basis. The POS system automatically recognizes the collective's tax ID number, state and local tax rates and then provides Automated Clearing House settlement of the taxes and routes the amount to the City's appointed financial institution. Taxes can be collected on a daily basis, providing an economic windfall for the city of Oakland and any other municipality recognizing the advantages of this model.

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. Dispensary owners risk employee theft and possible competition for sales with unsupervised employees. Our stored value card also eliminates the risks of carrying cash. For the investor looking to open more than one dispensary, this card allows him the ease of mind of knowing all transactions are accounted for in all of his locations.


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.


Medical Marijuana, Inc. is the first public company to recognize the vast and unequaled opportunities that exist in the rapidly expanding medical marijuana industry. The scientific recognition of marijuana as a powerful medicine, and as an effective, non-narcotic pain reliever, has brought legalized marijuana use to the forefront of mainstream discussion thus opening the door for safe and lucrative investment opportunities.

Medical Marijuana, Inc. has developed a suite of turnkey business and management solutions for the fledgling medical marijuana collective industry in California. The growing number of other states that have legalized the use of medical marijuana have yet to establish a system for the legalized commercial production and sale of the medicine. These regions are also strong potential targets for Medical Marijuana, Inc.'s products and services down the road. It is likely that other states will follow California's basic lead as the Golden State more specifically defines the regulations and protocol that are shaping the supply-side of the legal medical marijuana sector.

Click for full story......http://pr.cannazine.co.uk/200908111136/green/eco-news/medical-marijuana-inc.-signs-more-collectives-invites-oakland-to-learn-about-tax-collection-system.html?mosmsg=Thanks+for+your+submission.+Your+submission+will+now+be+reviewed+before+being+posted+to+the+site.

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