POSaBIT Archives - Green Market Report

StaffStaffJuly 15, 2020
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3min1440

Cannabis technology company POSaBIT Systems Corporation (CSE: PBIT) reported rising revenue for the first quarter of 2020 and said it expects to meet its prior forecast for revenue of $8 million for the year of 2020. Total revenue for the quarter ending March was $972,000, up 5% compared with $897,000 in the first quarter of 2019.

The net loss for POSaBIT was $792,743, which was slightly higher than last year’s net loss of approximately $774,000 for the same time period. The gross profit was $70,833 an increase of 192% compared with a gross profit of $36,797 in the first quarter of 2019. The company engages in blockchain-enabled payment processing and point-of-sale systems for cash-only businesses.

“We are pleased to witness continued strong demand for our retail payment and POS solutions even amid the ongoing pandemic,” said Ryan Hamlin, co-founder, and CEO of POSaBIT. “POSaBIT is also excited to provide updated guidance that we will be cash-flow positive in Q3 2020, a change from our prior guidance of Q4 2020. Customer desire to avoid cash payments is leading to an increased usage of our solutions in our current stores. At the same time, we are witnessing a significant uptick in interest from stores that have previously been cash-only operations. Sales have increased at a rapid pace and we expect to meet our prior 2020 forecast guidance of over $8M in revenue and over $135M in transactional sales.”

Looking Ahead

POSaBIT updated its full-year 2020 outlook with a forecast that revenue would grow in the range of approximately 75% to 95% year over year. The company gave new guidance that it would reach profitability in the third quarter of 2020. Transactional sales are projected to grow over 200% to approximately USD $135 million, assuming the average store processes between USD $350,000 and USD $600,000 per year through the POSaBIT service. Cost of sales in the range of $3.5 million to $4.0 million and the company said it plans to expand POSaBIT’s footprint to end 2020 in 15 to 20 recreational and medical states.


StaffStaffApril 8, 2019
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4min13290

Seattle-based fintech company, POSaBIT began trading this morning on the CSE under the ticker PBIT.  The company that serves cannabis retailers by delivering bitcoin-enabled payment processing and point-of-sale systems, with built-in compliance features customized to the state each retailer operates in.   POSaBIT has enhanced its payment service offering by developing incremental features to sell and accept both Litecoin and Bitcoin for purchases, as well as perform EMV card compliance on debit card transactions.

“This is a significant achievement for POSaBIT and we are proud to make this important transition from the private to the public markets,” said Ryan Hamlin, co-founder, and CEO of POSaBIT. “The past year has been an exciting one for the company, marked by a series of milestones. We continued to expand geographically in the California, Colorado, and Washington markets successfully completed the acquisition of DoubleBeam, and rolled-out a fully-integrated POS and payments platform that fulfills an unmet need in the cannabis industry. Our service is now in use at over 120 cannabis merchants across various US states. We are pleased with our traction in the market, as demonstrated by our strong year-to-date growth, and are very encouraged by the continued momentum we saw as we closed out 2018.”

For the nine months ending Sept. 30, 2018, the company generated $1.39 million in revenue, a 266% increase over the prior year for the same time period. The company said that pursuant to private placement financings undertaken in conjunction with the listing, POSaBIT generated gross proceeds of $1.3M. The company’s footprint includes California, Nevada, Oklahoma, Colorado, and Washington.

POSaBIT brings its deep retail, food service, and hospitality expertise to the cannabis sector. It has processed $76M in payments in the hospitality industry in 2017. In February 2018, the company acquired DoubleBeam, which specializes in POS payment processing for the Hospitality sector.

POSaBIT designed and released a new front-end POS console that is suited for cash-only merchants such as the cannabis industry. This entirely new console offers an array of key features, including loyalty programs, in-store digital menus, online ordering / in-store pickup, inventory management, state seed-to-sale compliance, and customizable discounts.

POSaBIT also completed all of the necessary state requirements to support the Leaf system, a seed-sale track and trace software system used by regulators in the State of Washington. POSaBIT offers built-in state compliance – a key component that minimizes risk for owners as they navigate new legal footing. With rich data analytics and reporting, owners more effectively keep track of budtender and product performance, on average resulting in doubled ticket sales.



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