Medical Marijuana, Inc. (OTC: MJNA) continues to execute its business plan with the next step of their Tax Compliance System in place.
MJNA now has over 30 collectives in 3 states as well as Canada, which are signed on to use this tax system. These collectives are showing their intent to comply with proper business systems regarding tax remittance to the proper agencies according to Charles Larsen, President of MJNA.
"With our fully scalable, robust processing platform, we are able to meet the most stringent requirements of any Government agencies requesting our system for their municipalities," said Mr Larson in a press release recently.
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.
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.
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.
October 26, 2009
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Medical Marijuana Inc Tax Compliance system in place