Sunday, October 24, 2010

Cannabis Medical Solutions Inc. to Provide Specialized “Cashless ATM’s” and POS Banking Solutions for Medical Marijuana Dispensaries

Cannabis Medical Solutions Announces Distribution Agreement for New “Cashless ATM’s” and POS Banking Terminals for Medical Marijuana Dispensaries in 15 States

GlobeNewswire ”Press Releases ”
LOS ANGELES , Oct. 20, 2010 (GLOBE NEWSWIRE) – Cannabis Medical Solutions Inc. ( (OTCBB:CMSI), a leading company specializing in merchant payment solutions and products for the medical marijuana industry, today announced that the Company has signed an exclusive agreement to provide specialized “cashless ATM’s” and POS banking solutions for medical marijuana dispensaries operating legally within 15 states. The cutting edge “cashless ATM” devices are smaller than a standard cash register and operate on a ticketing system rather than dispensing cash, much like those systems within the casino gaming industry.

The CMSI cashless ATM product will be placed in participating licensed medical marijuana dispensaries throughout the country. Patients will use the company’s pin debit card system on the cashless ATM, requiring the read of the debit or credit card, along with a pin number for added security. Instead of receiving cash for purchases as in a standard ATM transaction,the patient will receive a ticket for the desired amount of cash designated on the pin pad. The patient will then take the receipt to the counter and use the ticket as funds to complete the purchase of medicine or products.Merchants will receive funds within 48 hours from the patient’s card through the CMSI merchant clearing and banking alliance network.


1 comment:

  1. Please tell me how this is different than credit/debit machines -- this still costs the merchant tons of money, ties up funds for 48 hours, and disallows patients to pull out additional cash needed if they'd like to for the rest of their day/week or other purchases.

    This is a bad idea for merchants.