LOS ANGELES, CA --(Marketwired - April 30, 2014) - MediSwipe, Inc. (www.MediSwipe.com) (OTCQB: MWIP), a fully reporting company on the OTCQB and leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced that the Company has received final approval through its exclusive merchant processing partnership and associated banking network to offer banking and card services to medical dispensaries nationally. All licensed medical dispensaries in regulated jurisdictions are now eligible to utilize card services as an alternative to "cash only" transactions through partnering with the MediSwipe processing division. Medicinal and recreational businesses in licensed jurisdictions who take advantage of the MediSwipe card program will additionally receive corporate bank accounts with one of the top ten ranked banks in the United States.
MediSwipe has submitted approximately 400 medical dispensaries based in Colorado under the exclusive agent relationship to its banking arm for immediate consideration and to begin the application process this month. The Company expects to begin activating first accounts for card services and banking over the next 30 days.
"As the first public Company in this sector to originally offer banking services to medical dispensaries, we have always maintained our exclusive relationships within the banking sector. We have remained in compliance by staying out of the processing industry once cards were banned approximately two years ago, waiting for legislation to once again approve alternative banking solutions to cash only transactions for what is quickly becoming a multi-billion dollar industry throughout 20 states that have approved some form of legislation for medicinal marijuana. Any dispensary or merchant processing company prior to this new break in legislation that have been utilizing card services has done so in a grey area and under a miscoding of the business and may be subject to termination under the new guidelines provided by our national banking partner. The card and banking services now being provided by MediSwipe will require and allow the application for processing to be written as a canna-business, with the added benefit of a corporate bank account with one of the 10th largest banks in the U.S. Looking at the perspective business in Colorado alone which consists of 400 dispensaries we have already reserved exclusively with our processor, we are hoping to provide yet another revenue stream for our company and shareholders immediately which could equate to several million dollars a month in gross processing volume of which we receive fees from," stated B. Michael Friedman, CEO of MediSwipe.
Any medical dispensary or canna-business in regulated states may contact MediSwipe immediately to begin the application process and open a corporate bank account in the business name.
About MediSwipe, Inc.
MediSwipe, Inc. (www.MediSwipe.com), the first fully reporting Company and pioneer within the medicinal marijuana space provides innovative patient and agricultural solutions seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. MediSwipe provides real estate management and health and wellness product lines including beverages, vaporizers and accessories. MediSwipe does not directly grow, harvest, or distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
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 MediSwipe, Inc. to be materially different from the statements made herein.