This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MediSwipe Inc. Announces Clarification On Michigan Medical Marijuana Ruling And Successful Filing Of SEC Comments For 800 Commerce Proposed Spinoff And Dividend Date

LOS ANGELES, Feb. 11, 2013 (GLOBE NEWSWIRE) -- MediSwipe Inc. ( www.MediSwipe.com ) (OTCBB:MWIP), a patient security solutions and financial products company for the medicinal marijuana and health care industry, today announced Friday's ruling in the state of Michigan to no longer allow "patient to patient" dispensary operations will not have a meaningful effect on the overall business strategy of the Company's plans to provide patient and state services in Michigan, or the other 17 legally approved states where the company is seeking to provide its services.

The Michigan Medical Marihuana Program (MMMP) currently only allows patients to buy the drug from registered caregivers, of which there are nearly 26,000 in the state. They supply marijuana to about 126,000 people, according to the program's application database, and individuals are allowed to possess up to 2.5 ounces of prepared marijuana, or 12 plants.

While that's not going to change, the court's 4-1 ruling Friday means that individuals who are properly registered as patients must purchase marijuana from a licensed caregiver or grow their own, and cannot sell it to anyone else, even another licensed patient. Therefore, there is no longer the opportunity for any storefront marijuana sales under the current law, the court ruled.

The case arose after a dispensary called Compassionate Apothecary was shut down by Isabella County for setting up a profit-making venture that let licensed patients sell leftover marijuana to one another, saying that activity was legal because the law allows "delivery" and "transfer" of medical marijuana. The Michigan Supreme Court disagreed, siding with a lower court's ruling in banning the sales.

Recently, an annual report to the state Legislature as required by the Michigan Medical Marihuana Act showed that over $10 million in revenue was collected from administration of the state's medical marijuana program in 2012, more than double the cost of running the program. The state collected ten million dollars in application fees from medical cannabis patients during its most recent budget year, which ended Sept. 30. After subtracting costs, Michigan netted a surplus of more than $5 million through the program, according to the new report. Based on this information, the state could make tens of millions of dollars.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs