|[July 03, 2014]
Medical Cannabis Payment Solutions Comments on IRS Fines for Cannabis Businesses
LAS VEGAS --(Business Wire)--
Medical Cannabis Payment Solutions (OTC Bulletin Board, REFG), a leader
in technological solutions for the medical cannabis industry, commented
today on the recent tax court challenge to the Internal Revenue Service
practice of assessing a 10 percent penalty on federal employee
withholding taxes paid in cash.
"Medical cannabis businesses unable to access banking services are
effectively forced into this situation," said Sean Hullinger, chief
legal officer for Medical Cannabis Payment Solutions. "Here we have a
company that wants to pay their taxes and is being fined for things they
Despite their best efforts, state lawmakers and regulators have been
unable to provide the financial and banking services the industry needs.
Earlier this year, Medical Cannabis Payment Solutions announced it found
a legal framework alleviating federal and banking industry concerns
regarding the medical cannabis industry. The solution enables banking
and payment processing for the legitimate medical cannabis market.
"We are in the process of providing the medical cannabis industry with
the solution to these problems," said Jeremy Roberts, CEO of Medical
Cannabis Payment Solutions. "I fully expect our fully developed platfor
to be available in each state where medical cannabis is legal."
About Medical Cannabis Payment Systems
Our mission is to provide end-to-end management, across multiple
management systems, for medicinal marijuana operations. Many medicinal
marijuana companies have experienced such rapid growth that they are
finding it difficult to manage all aspects of their operation. In order
to become a successful and compliant medicinal marijuana operation,
effective management must depend on many different systems. REFG solves
the fragmentation problem by identifying tools that are important to
dispensaries, and customizing those tools specifically catered to the
industry. We strive to create awareness within the medicinal marijuana
industry and to develop an environmentally friendly, economically
sustainable business while increasing shareholder value. For more
information, please visit the company's website at: www.refg.co
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 REFG, Inc. to be
materially different from the statements made herein.
Medical Cannabis Payment Systems, Inc.
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