MediSwipe said Monday that it has agreed to receive approximately $1,100,000 from an unidentified Chicago-based private equity firm. According to the company, the capital infusion will be used for expansion. MediSwipe is a provider of patient solutions for electronically processing transactions within the healthcare and medicinal marijuana industry.
LOS ANGELES, CA–(Marketwired – January 27, 2014) – MediSwipe Inc. (www.MediSwipe.com) (MWIP) (OTCQB: MWIP), the leader in Compassionate Care Technology Solutions and products for the medicinal marijuana industry, today announced that the company has agreed to terms for capital investment from a Chicago based private equity firm to receive approximately $1,100,000 over the next six months. The Company plans to use the cash proceeds to expand its presence and product lines within new marijuana recreational markets including Colorado and Washington State. Presently, the Company exclusively sells hemp based beverages, owns the Mont Blunt™ vaporizer and e-cig product brands and provides solutions to financial transactions for the medicinal industry.
“We have successfully paid off approximately $500,000 of our previous debt from last year, and are extremely pleased that our same institutional funding partners have offered MediSwipe over a million dollars to fund expansion and roll out our medicinal product lines in legal jurisdictions. We believe our new Mont Blunt™ vaporizers, new financial regulation clearing monetary transactions and royalties from infused beverage and edibles licenses will prove to have enormous upside and growth potential. We are extremely pleased to finally have the capital on our balance sheet to execute our business model in an aggressive manner without any immediate dilution to our shareholder base,” stated B. Michael Friedman, CEO of MediSwipe.
The State of Colorado is expecting $578 million in revenue from recreational use of marijuana and $67 million in taxable income and isn’t the only state that is experimenting with looser drug laws. After decades of failed drug policy, and with nationwide support for legalization rising to 58% in one recent poll, 20 U.S. states, plus the District of Columbia, now allow medical marijuana sales. Some municipalities have decriminalized possession. Later this year, Washington State is preparing to roll out its own retail cannabis operations. In New York, Governor Andrew Cuomo recently reportedly an executive order to allow limited use of medical marijuana in the Empire State. Measures to legalize pot sales will be on the ballot in several more states in 2014 and 2016, including possibly California.
“As one of the first and only fully reporting companies in this sector, we will continue to be fully transparent to our investors, shareholders and institutional partners as we move into 2014 with cash on our balance sheet, dedicated management and extreme focus on building shareholder value throughout the year,” further added Friedman.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) provides innovative patient solutions and is the leader in Compassionate Care Technology for the medicinal marijuana industry. MediSwipe provides terminal-based service packages and integrated Web Portal add-ons for physicians, clinics, hospitals and medical dispensaries that include: digital patient records, Electronic Referrals, Credit/Debit Card merchant services, and health and wellness product lines including beverages, vaporizers and accessories.