Commerce Online Announces Agreement With RedFin Network For Medical Marijuana Dispensary Pre-Paid Loyalty Card Program
PALM BEACH, Fla., Nov 12, 2009 /PRNewswire-FirstCall via COMTEX/ --
Commerce Online Inc. (Pink Sheets: CMIB) (www.commerceonlineinc.com), a leading company specializing in both bricks and mortar and online merchant payment solutions, today announced its agreement and strategic partnership with RedFin Network, Inc. (www.redfinnet.com), a wholly owned subsidiary of Secured Financial Network Inc. (OTC Bulletin Board: SFNL), to launch its branded, pre-paid loyalty and ID card for licensed medical marijuana dispensaries and collectives operating within the states of California and Colorado.
In an effort to keep these collectives within the guidelines of CA Proposition 215 and SB 420, the Commerce pre-paid stored value and loyalty card will offer a unique cash alternative to these regulated dispensaries for both suppliers and members of collectives. Under new legal guidelines to be issued by the Obama administration, no longer seeking prosecution of medical marijuana users or suppliers as long as they conform to state laws, Commerce Online and RedFin Network will seek to capitalize on this presently untapped and much needed solution.
"We expect to start installing our first card systems later this month," stated Michael Friedman for Commerce Online. Fourteen states presently allow some use of marijuana for medical purposes: Alaska, California, Colorado, Hawaii, Maine, Maryland, Michigan, Montana, Nevada, New Mexico, Oregon, Rhode Island, Vermont and Washington. California is unique among those for the widespread presence of dispensaries - businesses that sell marijuana and even advertise their services. According to a recent Fortune Magazine article, there are an estimated 300,000 to 400,000 medical marijuana patients in the state now, and the figure is rapidly growing. More astonishingly, there are about 700 medical marijuana dispensaries now operating in California openly distributing the drug. "CMIB is presently poised to pick up a majority share of this untapped marketplace by offering our proven secure payment solution through our alliance partners and to move toward the legitimization of the medical marijuana industry," further stated Friedman.
The Commerce Online branded, pre-paid loyalty and ID card will be marketed through our new Collective Card Services division, and may be loaded to any denomination of funds with direct deposit at local bank, via the Internet, POS system by the member of the collective or medical dispensary. The RedFin Network PCI Compliant Payment Gateway will handle all loyalty transactions at the point of sale. In case of theft or loss, the card may be cancelled immediately through an 800 number provided or online. The card will also act as the Collective member's identification having the option of a Picture ID, medical id number identifying him/her as a collective member, the collective name, and expiration date of membership," stated Michael Friedman for Commerce Online.
About Commerce Online Inc.
Commerce Online Inc. (www.commerceonlineinc.com) is positioned to become a market leader in both online and wireless merchant payment solutions. The Company offers a full spectrum of secure and reliable transaction processing solutions using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) terminals in conjunction with Industry Alliance Partners. The Company's Alliances provide electronic payment processing suite of services enabling merchants to accept all major credit and debit cards, as well as ATM cards and ACH check drafts for payment whether a retail, service, mail-order or Internet merchant. As an industry leader, Commerce Online is dedicated to delivering comprehensive services, such as merchant account activation, gateway connections, Web development and social network engines to a worldwide client base.
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 commerce Online Inc. to be materially different from the statements made herein.
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SOURCE Commerce Online Inc.
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