MediSwipe Inc. Announces Clarification on Michigan Medical Marijuana Ruling and Successful Filing of SEC Comments for 800 Comme
11 2월 2013 - 11:15PM
MediSwipe Inc. (www.MediSwipe.com) (OTCBB:MWIP), a patient security
solutions and financial products company for the medicinal
marijuana and health care industry, today announced Friday's ruling
in the state of Michigan to no longer allow "patient to patient"
dispensary operations will not have a meaningful effect on the
overall business strategy of the Company's plans to provide patient
and state services in Michigan, or the other 17 legally approved
states where the company is seeking to provide its services.
The Michigan Medical Marihuana Program (MMMP) currently only
allows patients to buy the drug from registered caregivers, of
which there are nearly 26,000 in the state. They supply marijuana
to about 126,000 people, according to the program's application
database, and individuals are allowed to possess up to 2.5 ounces
of prepared marijuana, or 12 plants.
While that's not going to change, the court's 4-1 ruling Friday
means that individuals who are properly registered as patients must
purchase marijuana from a licensed caregiver or grow their own, and
cannot sell it to anyone else, even another licensed patient.
Therefore, there is no longer the opportunity for any storefront
marijuana sales under the current law, the court ruled.
The case arose after a dispensary called Compassionate
Apothecary was shut down by Isabella County for setting up a
profit-making venture that let licensed patients sell leftover
marijuana to one another, saying that activity was legal because
the law allows "delivery" and "transfer" of medical marijuana. The
Michigan Supreme Court disagreed, siding with a lower court's
ruling in banning the sales.
Recently, an annual report to the state Legislature as
required by the Michigan Medical Marihuana Act showed that over $10
million in revenue was collected from administration of the state's
medical marijuana program in 2012, more than double the cost of
running the program. The state collected ten million
dollars in application fees from medical cannabis patients
during its most recent budget year, which ended Sept. 30. After
subtracting costs, Michigan netted a surplus of more than $5
million through the program, according to the new report. Based on
this information, the state could make tens of millions of
dollars.
"What this legislation has done is essentially attempt to define
how medicine will be distributed and administered to patients, and
all but eliminate the patient to patient store front dispensary
model. Although it was our initial goal to work with the many
dispensaries in the surrounding areas of the state, this
legislation in essence provided an immediate opportunity to
MediSwipe by driving patients directly to our company to match them
with caregivers and provisional centers we already had exclusive
agreements to work with. MediSwipe will provide each individual
caregiver with digital cards and services for their patients,
including payment options.
"We are still dealing with a patient base today of close to
130,000 patients in Michigan, growing each month with new
applications, and only 26,000 caregivers. The need for MediSwipe to
streamline the application process to the state for new patients
and renewals through our kiosks is now needed more than ever.
Kiosks can now be placed at health food stores, independent
pharmacies and retail outlets with advertising revenue
opportunities. The Kiosks can allow bill pay as well as
medical applications for patients in digital format. MediSwipe will
submit the patient applications on behalf of the patient for a
small service fee, streamlining the process, much like a Turbo Tax
service for the state. Although this legal action has created
confusion and inconvenience for patients seeking medicine probably
for the next several weeks, the opportunity for MediSwipe to have a
fluid management team and business model to initiate new services
and forms of revenue quickly in this sector are significant,"
stated B. Michael Friedman, CEO for MediSwipe Inc.
"With regard to the S-1 filing of 800 Commerce, we are pleased
to announce that the second amendment to the Form S-1 was filed on
Friday, February 8, 2013 with the Securities and Exchange
Commission. Upon approval of the Form S-1, 800 Commerce, Inc., will
then complete the process for its shares to be listed on the OTCQB
exchange. MediSwipe plans to spin-off the shares it owns in 800
Commerce to MediSwipe's shareholders on a date determined by the
Board of Directors once the S-1 is deemed effective by the
Securities And Exchange Commission. We expect to be able to
announce a proposed record date for our shareholders shortly. All
shareholders of MediSwipe at that time will be given at least seven
days notice," further stated B. Michael Friedman, CEO for
MediSwipe.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) provides innovative patient
solutions for electronically processing transactions within the
medical marijuana and healthcare industry. MediSwipe provides
terminal-based service packages and an integrated Web Portal
add-ons for physicians, clinics, hospitals and medical dispensaries
that include: digital patient records, Electronic Referrals,
Credit/Debit Card merchant services, Check Guarantee and Accounts
Receivable Financing.
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 MediSwipe Inc. to be
materially different from the statements made herein.
CONTACT: MediSwipe Inc.
248.262.6850
www.MediSwipe.com
info@mediswipe.com
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