Business
Advanced Content Services, Inc. Signs LOI With Established Medical Marijuana Merchant Services Company Toward Multiple Revenue Streams
Advanced Content Services, Inc. Signs LOI With Established Medical Marijuana Merchant Services Company Toward Multiple Revenue Streams.
About this update from Pao Group, Inc.
[{"type":"text","content":"\n \n \n Advanced Content Services, Inc. Signs LOI With Established Medical Marijuana Merchant Services Company Toward Multiple Revenue Streams\n \n \nAdvanced Content Services, Inc. Signs LOI With Established Medical Marijuana Merchant Services Company Toward Multiple Revenue Streams\n \n LAS VEGAS, NV--(Marketwired - Apr 24, 2014) - Advanced Content Services, Inc. (OTC: ADCS), a Holding company focused in electronic payment services and solutions, is pleased to announce today that it now has a fully executed Letter of Intent (\"LOI\") with an established medical marijuana merchant services company.\n The LOI is for a Joint Venture (\"Greenstar\") that will focus on services and solutions in the legalized cannabis markets. Advanced Content Services CEO Thomas Wolff states, \"We have discovered a number of opportunities to profit from the state-legalization of marijuana while abiding federal laws and guidelines issued by the U.S. government. Our strategic partner with whom we've recently signed a Letter of Intent, has an active and growing client base of 100 accounts in Colorado dispensaries, with strategic plans to expand into other legalized markets through 2014.\" \n Discussions toward the final Joint Venture Agreement have included offering the new partner restricted shares in ADCS in exchange for a number of the existing accounts toward immediate revenues for the Company. The legal U.S. industry is expected to reach $2.57 billion in sales this year, according to ArcView Market Research.\n Earlier this year, The Treasury Department issued new rules that could make it easier for banks to do business with marijuana dispensers. The U.S. government's current administration said it would not challenge Colorado's and Washington's legalization of the drug, as long as they kept a tight rein on marijuana businesses. The administration agreed in August 2013 not to prosecute legal dealers as long as they met eight requirements, including not selling to minors. In separate guidance, the Justice Department directed U.S. attorneys not to pursue banks that do business with legal marijuana dispensers as long as the dealers adhere to the guidelines issued in August 2013. \n One of the ways Greenstar also plans to profit from the existing accounts is by aggressive placement of cash and cashless ATM machines in dispensaries. This, in addition ...