PORT TOWNSEND, WA / ACCESSWIRE / July 16, 2014 / Med-Cannabis Pharma, Inc. (OTCQB: MCPI), a U.S. Company specializing in Medical cannabis dispensary management and payment systems, provides shareholder updates concerning its joint venture development with CIAO Telecom, and the multi-million dollar agreement for product release of a Payment APP for medical cannabis dispensary payment system.
"We are excited by the renewed energy with a payment APP on smart phones for customers who use our collectives in Washington State. The new system (yet to be named) will begin beta testing the first week in August. Exclusively, Med-Pharma Management, Inc., a wholly owned subsidiary of the company, will market the product. Med-Cannabis Pharma, Inc. is positioned well to take advantage of these opportunities and is opening an office in Oregon to handle sales on the west coast. The company believes the system will be welcomed by the industry as a step away from the current cash management problem. This milestone agreement provides Med-Cannabis with the real and concrete opportunity to develop premiere branding and to introduce the Company's proprietary payment app for the Cannabis industry in those states where sales are legal. The technology and software allows for internal tracking of dispensing services for internal accounting and compliance purposes, and secure inventory management and control.
On July 1, 2014 the Company officially changed its trading symbol to MCPI and accordingly launched their new website www.Med-CannabisPharma.com. The Company has started the process of canceling the 159,000,000 shares owned by Big Sky Oil, Inc. When the shares are canceled this week, the total outstanding Common Shares will be 51,000,000.
On July 15, 2014, the Company, through its subsidiary Cannabis Hemporium, Inc. (a Washington Corporation), entered into a Letter Of Intent to purchase Green Farmacy, LLC located in Tacoma Washington and agreed to retain Jeremy Jones as a VP of the company to further develop dispensaries in the Portland, Oregon area. The closing is anticipated to be July 31, 2014 and is subject to verification of the financials represented to the company. The purchase price is Forty Thousand ($40,000.00) Dollars and Five Hundred Thousand (500,000) shares of restricted common stock. More information on Green Farmacy will be listed on the company web site.
About Med-Cannabis Pharma, Inc.
Med-Cannabis Pharma, Inc. is currently developing new natural cannabis-based products based on innovative formulations to utilize the unique and potent benefits of the cannabis and hemp plants. Medicinal properties of cannabis and hemp have been known and applied for thousands of years. With the aid of scientific research, Med-Cannabis Pharma, Inc. is translating such knowledge into development of effective cannabinoid formulation-based health and wellness solutions as well as The Company's health and wellness will address personal needs and will evolve with the introduction of new formulations and products, advancing the Company within the expanding multibillion-dollar global market.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. The Company does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Med-Cannabis Pharma, Inc.
Graciela Moreno, President
SOURCE: Med-Cannabis Pharma, Inc.