SOURCE: Medical Marijuana Inc

October 22, 2009 04:20 ET

Medical Marijuana Inc Begins Licensing of Its Patent Pending Tax Remittance Technology

MARINA DEL REY, CA--(Marketwire - October 22, 2009) - Medical Marijuana Inc (PINKSHEETS: MJNA) has entered into discussions with a publicly traded coffee distribution company for licensing of its patent pending tax remittance solution. Medical Marijuana Inc's tax remittance technology was originally designed to be industry and product neutral; it can be implemented in any industry. Execution of this agreement will launch phase one of Medical Marijuana Inc's multi-industry implementation strategy.

Once daily tax remittance becomes standard practice in the medical marijuana industry, government officials are likely to have a strong interest in implementing Medical Marijuana Inc's patent pending technology across all industries. The windfall to the government could be enormous, with sales taxes being delivered to government coffers on a daily basis versus the currently accepted practice of submitting taxes every ninety days or more.

Tax Collection

The Stored Value Platform System will provide verifiable solutions to manage the difficult task of revenue and taxation collection. The daily cumulative amount of taxes that are allocated to tax accounts for every business, every transaction with every swipe of the card can be allocated to government tax accounts on a daily basis using ACH transfer or other electronic transfer method that is acceptable to local, state and federal governments.

Medical Marijuana Inc's Turnkey Solutions

Medical Marijuana Inc's Turnkey Solutions ensure that collectives operate within the guidelines of all laws and regulations regarding the tracking of the marijuana from grow cycle to final distribution. By employing Medical Marijuana Inc's closed loop tracking system, it can be shown to authorities and collectives alike that the source of their supply was an active member of the collective. Medical Marijuana Inc's Regulatory Module provides officials with a comprehensive reporting tool that allows them to remotely audit the industry in real time to ensure regulations are being properly followed. This audit function can be performed online and remotely from the regulators desktop anywhere in the world, making the process more efficient and cost effective for governments to monitor and regulate the industry. Medical Marijuana Inc believes that tools to regulate the industry and collect tax revenue are necessary to gain nationwide acceptance and legalization of medical marijuana.

Solutions

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.

ABOUT MEDICAL MARIJUANA INC

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.

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 Medical Marijuana, Inc to be materially different from the statements made herein.

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