Published on October 22, 2009 at 4:39 AM
Medical Marijuana Inc (PINKSHEETS: MJNA) has entered into discussions with a publicly traded coffee distribution company for licensing of its patent pending tax remittance solution. Medical Marijuana Inc's tax remittance technology was originally designed to be industry and product neutral; it can be implemented in any industry. Execution of this agreement will launch phase one of Medical Marijuana Inc's multi-industry implementation strategy.
Once daily tax remittance becomes standard practice in the medical marijuana industry, government officials are likely to have a strong interest in implementing Medical Marijuana Inc's patent pending technology across all industries. The windfall to the government could be enormous, with sales taxes being delivered to government coffers on a daily basis versus the currently accepted practice of submitting taxes every ninety days or more.
Tax Collection
The Stored Value Platform System will provide verifiable solutions to manage the difficult task of revenue and taxation collection. The daily cumulative amount of taxes that are allocated to tax accounts for every business, every transaction with every swipe of the card can be allocated to government tax accounts on a daily basis using ACH transfer or other electronic transfer method that is acceptable to local, state and federal governments.
SOURCE: Medical Marijuana Inc