Cannabis Medical Solutions Inc. (www.cannabismedsolutions.com) (OTCBB:CMSI), a leading company specializing in both brick-and-mortar and online merchant payment solutions and financial security products for medical marijuana dispensaries and high-risk merchant accounts and services, today announced that its board of directors has approved a resolution authorizing an increase in the number of authorized shares of the Corporation's common stock from 250,000,000 to 500,000,000. The Company's board of directors and majority shareholders have also voted for an issuance of a stock dividend to each shareholder of CMSI. Pursuant to the resolutions, holders of the company's common stock will each receive an additional nine shares of common stock for each share they own of the record date set for May 14, 2010. Distribution of the dividend will begin on June 1, 2010.
"The Board of Directors believes that an increase in the number of shares of authorized common stock and stock dividend will benefit CMSI and our stockholders by giving us needed flexibility in our corporate planning and in responding to developments in our business, including possible acquisition transactions, financings, stock dividends and other general corporate purposes," stated Kyle Gotshalk, CEO of Cannabis Medical Solutions.
SOURCE Cannabis Medical Solutions Inc.