Medical Marijuana Inc. Applauds the Progressive Guidance to Financial
Institutions and Offers Strategic Insight
The U.S. Dept. of Justice and Dept. of the Treasury's Financial Crimes Network
Guidance to the Banking Industry Marks a Significant Milestone in Progressive
Change for the Industry, Establishes Catalyst for Strategic Industry Expansion
SAN DIEGO, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Medical Marijuana Inc. (OTC
Pink:MJNA) is pleased to offer appreciation and praise for the efforts of the
Department of Justice and the United States Department of the Treasury in
providing guidance to financial institutions wishing to provide services to
cannabis-based businesses. The United States Department of the Treasury –
Financial Crimes Network (FinCEN) along with the Department of Justice (DOJ),
issued the press release FinCEN Issues Guidance to Financial Institutions on
Marijuana Businesses, which establishes the framework and intent of the
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The main focus of the guidance is to enhance the availability of financial
services for marijuana businesses while promoting transparency and mitigating
the risks associated with storing and moving large sums of cash. The resulting
improvement in business operations and enhanced oversight creates tremendous
opportunities for Medical Marijuana Inc., its subsidiaries and its partners.
As the leading provider of cannabidiol (CBD)-rich hemp oil nutritional
supplements, personal care and lifestyle products, HempMedsPX™—a corporate
portfolio company of Medical Marijuana, Inc. and the exclusive master
distributor and contracted marketing company for CannaVest Corp and Medical
Marijuana Inc—will immediately benefit from the improved financial operations
of cannabis-based business providers. These CBD-rich hemp oil products, which
are legal to ship direct to consumers in all fifty states, also occupy retail
space with other cannabis-related products. Increased foot traffic to cannabis
retail stores will significantly increase brand awareness of the product lines
that HempMedsPX™ markets and will provide more options for consumers.
"With recent changes to the financial guidance for the cannabis industry,
HempMedsPX's authorized retailers will be able to streamline operations,
transition from a 'cash and carry' industry, broaden their marketing efforts,
and therefore increase sales—all with peace of mind," says Charles Vest, VP of
Communications for HempMedsPX™.
These types of fundamental changes benefit the entire supply chain and
increase consumer trust in an industry often overshadowed by the stigma of
questionable legitimacy. Running a cannabis-based business has always been a
strictly controlled operating environment. Providing strict oversight of all
operations from 'seed to sale' in compliance with federal regulations and
guidance is a core competency for Medical Marijuana Inc., its subsidiaries and
partners. The full FinCEN guidance document, FIN-2014-G001 BSA (Bank Secrecy
Act) Expectation regarding Marijuana-Related Businesses outlines the tracking
and monitoring requirements for financial institutions.
Medical Marijuana, Inc.'s Chairman and Chief Operating Officer, Michelle Sides
states, "These types of requirements are what make entities like our wholly
owned subsidiary Wellness Managed Services a valuable strategic partner in
implementing and sustaining compliance programs that meet or exceed government
requirements. Wellness Managed Services recently announced in a press release
that it had reached an agreement with MPS Security and launched a new company,
MPS International (MPSI), as the nation's first security and armored transport
service provider to the cannabis industry.
"MPSI was established to address the rapid increase in crime associated with
the marijuana industry. MPSIs' focus is on providing armed and unarmed
security for retail and grow operations, inventory and revenue transport,
compliance oversight and workplace protection to the medical and adult use
cannabis industry in all current and future marijuana legal markets. We would
like to extend an open invitation to those in the financial services industry
to contact us to discuss the many services we are able to provide your
"The progressive actions of the DOJ and DOT FinCEN are long overdue and are
important first steps to engage the financial services industry in a way that
promotes commerce and improves public safety. It is milestones like these that
allow us to execute our strategic plans and enhance shareholder value; we
welcome these changes wholeheartedly," concludes Sides.
HempMedsPX offers mainstream marketing, sales, customer service, and logistics
for the cannabis industry. HempMedsPX is a corporate portfolio company of
Medical Marijuana, Inc. (OTC Pink:MJNA) and the exclusive master distributor
and contracted marketing company for CannaVest Corp. (OTC:CANV) and Medical
Marijuana Inc. In addition to handling sales and distribution, HempMedsPX is
the communication hub for the Medical Marijuana Inc. portfolio of companies.
About MPS Security
Formerly Minders Protective Services, MPS Security was created in 2003 as the
security division of National Business Investigations, Inc., a private
investigations firm founded in 1967 by a former law enforcement officer in
Orange County, CA. The company provided general investigation and security
services throughout California and later expanded to Colorado in 1977.
MPS Security is a full-service security firm focused on physical and asset
security using uniformed security officers for site security, events,
residential communities and commercial properties. MPS also offers access
control, security patrols, loss prevention, fraud detection and undercover
officers. The Executive Protection branch of MPS Security provides risk
mitigation and management services using individuals with unique skill-sets
and highly trained in executive protection, armed security in
workplace/employee protection, and travel safety escorts.
About Medical Marijuana Inc.
Our mission is to be the premier cannabis and hemp industry innovators,
leveraging our team of professionals to source, evaluate and purchase
value-added companies and products, while allowing them to keep their
integrity and entrepreneurial spirit. We strive to create awareness within our
industry, develop environmentally-friendly, economically sustainable
businesses, while increasing shareholder value. For more information, please
visit the company's website at: www.MedicalMarijuanaInc.com
About CannaVest Corp.
CannaVest Corp. is in the business of investing and developing hemp-based
cannabinoid companies. CannaVest Corp. also develops, produces, markets and
sells end-consumer products to the nutraceutical industry containing the hemp
plant extract, cannabidiol (CBD). Additionally, the company resells—to third
parties—raw product acquired by CannaVest Corp. pursuant to the company's
supply relationships in Europe. CannaVest Corp. seeks to take advantage of an
emerging worldwide trend to re-energize the production of industrial hemp and
to foster its many uses for consumers. Cannabinoids (cannabidiol/CBD) are
natural constituents of the hemp plant, and CBD is derived from hemp stalk and
seed. Additional information is available from OTCMarkets.com or by visiting
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to
diagnose, treat or cure any disease.
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
Medical Marijuana, Inc., CannaVest Corp., and HempMedsPX do not sell or
distribute any products that are in violation of the United States Controlled
Substances Act (US.CSA). These companies do grow, sell and distribute
hemp-based products and are involved with federally legal distribution of
medical marijuana-based products within certain international markets.
Cannabidiol is a natural constituent of hemp oil.
CONTACT: For further information, please contact:
Stuart T. Smith
Medical Marijuana Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
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