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 guidance.
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 institutions.
“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 CannaVest.com.
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 herein.
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.
For further information, please contact:
Stuart T. Smith
Medical Marijuana Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)