CMSI signs Letter of Intent with Green Medicals to acquire equity interest in 8 medical marijuana dispensaries

Jul 26 2010

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 Company has signed a Letter of Intent with Green Medicals LLC to acquire equity interest in up to eight (8) medical marijuana dispensaries within the state of Colorado.  The proposed transaction will give CMSI operating interest in up to eight dispensaries in exchange for cash and equity to be disclosed upon signing of definitive agreement within the next two weeks.

"The closing of this transaction is subject to the normal due diligence process, stated B. Michael Friedman, co-founder and acting CEO of Cannabis Medical Solutions, including, without limitation, the execution of a definitive agreement and compliance with state and federal laws.  We believe this potential transaction with Green Medicals LLC and their locations presently operating under the name "The Green Door" will immediately enhance our business franchising model and brand while creating meaningful revenues through ownership, merchant processing, cash advance loans and consulting fees," further stated Friedman.