REFG: Medical Cannabis Payment Solutions Comments on IRS Fines for Cannabis Businesses
Medical Cannabis Payment Solutions Comments on IRS Fines for Cannabis Businesses
http://marijuanaindex.org/industry-news-item/
Medical Cannabis Payment Solutions integrated banking and payment processing system for the medical cannabis industry protects legal marijuana businesses from the IRS's 10 percent cash payment penalty.
Las Vegas, Nevada (FSCwire) - 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 cannot control."
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 platform 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
FORWARD-LOOKING STATEMENT
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.
Contact:
Corporate
Medical Cannabis Payment Systems, Inc.
Jeremy Roberts
702-706-7011
Jeremy@refg.co
www.refg.co
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/medcannabis07032014.pdf
Source: Medical Cannabis Payment Solutions (OTC Pink:REFG) http://www.medicalcannabispaymentsolutions.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2014 Filing Services Canada Inc.
Source: Filing Services Canada (July 3, 2014 - 2:49 PM EDT)
News by QuoteMedia
www.quotemedia.com
Medical Cannabis Payment Solutions Comments on IRS Fines for Cannabis Businesses
http://marijuanaindex.org/industry-news-item/
Medical Cannabis Payment Solutions integrated banking and payment processing system for the medical cannabis industry protects legal marijuana businesses from the IRS's 10 percent cash payment penalty.
Las Vegas, Nevada (FSCwire) - 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 cannot control."
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 platform 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
FORWARD-LOOKING STATEMENT
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.
Contact:
Corporate
Medical Cannabis Payment Systems, Inc.
Jeremy Roberts
702-706-7011
Jeremy@refg.co
www.refg.co
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/medcannabis07032014.pdf
Source: Medical Cannabis Payment Solutions (OTC Pink:REFG) http://www.medicalcannabispaymentsolutions.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2014 Filing Services Canada Inc.
Source: Filing Services Canada (July 3, 2014 - 2:49 PM EDT)
News by QuoteMedia
www.quotemedia.com
