Med-Cannabis Pharma Inc. (OTC: MCPI), a provider of medical cannabis in the United States, recently announced that it will open several medical cannabis stores throughout Washington State during the month of August through its subsidiary Cannabis Hemporium. The locations include Port Townsend, Port Hadlock, and the Hood Canal where preparations are nearly complete.
Since marijuana transactions are typically conducted in all cash, management also announced the cancelation of its Port Townsend Herbal Collective acquisition due to their inability to complete an audit. The company’s new point of sale (“POS”) system will solve those problems in the future by maintaining a clear audit trail and opening its own medical cannabis stores could prove more cost effective.
In addition to its Washington State presence, the company’s management is in discussions with parties in New Mexico, Montana, and Oregon to lease stores and open medical dispensaries in those states. The firm’s Pharmacy Management System is also in negotiations with a recreational license holder for management services in setting up retail operations in an approved location.
In July, the company announced that its joint venture with CIAO Telecom to release a payment app for medical cannabis dispensary payment systems was moving forward. The new system will begin beta testing during the first week of August and the company’s subsidiary will have exclusive marketing rights for the product. The software will improve tracking and enable dispensaries to lessen cash transactions.
Med-Cannabis Pharma Inc. shares closed up nearly 6% on Monday, August 4, 2014 following the announcement.
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