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Medical Marijuana, Inc Files Provisional Patent Application for Inventory Distribution and Accounting Solution
Friday, May 29, 2009
Marina Del Rey, CA -- Medical Marijuana, Inc. (PINKSHEETS: MJNA) announced today that it filed a provisional patent application for its newest invention that delivers an inventory management, supply chain infrastructure and accounting solution to the medical marijuana industry.
Using this improved inventory management, distribution and accounting system, Cannabis Co-Op/Collectives, Distributors and Grow-Ops can accurately track the quantity and value of their inventory at any point in time and adjust their inventory valuation criteria accordingly. The system is based on a "plug-n-play" design that allows a variety of entities and components to "plug in."
All shipments are tracked via GPS allowing interested and authorized parties to monitor their shipments at any point and time in the supply chain.
Inventory is scanned using a barcode system that produces a highly secure "closed loop" audit trail from the grower to the patient. This feature is attractive to regulators who wish to ensure compliance by all participants in the industry.
Third Party Service Providers such as testing facilities can plug into the supply chain between the Grow-Op and Co-Op/Collective.
Charlie Larsen, President of MJNA, says, "This secure platform will provide industry operators with tools to efficiently purchase, trade, track and value their inventory at any point along the supply chain. This online interconnected distribution network will give all industry participants the ability to more effectively manage their operations and ensure that they are always in full compliance with regulators."
The MJNA Accounting Inventory Management System and Supply Chain Network provides a Straight Through Processing (STP) environment that will minimize fraud and illicit activities by providing a closed loop audit trail that will identify any and all breaks in the audit trail.
About the Company
Medical Marijuana, Inc (PINKSHEETS: MJNA) is the first public company to recognize the vast and unequaled opportunities that exist in the rapidly expanding Medical Marijuana market. The scientific recognition of marijuana as a powerful medicine has brought marijuana to a new status and opened the door for investment and opportunity. Please visit www.medicalmarijuanainc.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
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