POSaBIT Archives - Green Market Report

StaffApril 3, 2023


The Daily Hit is a recap of the top financial news stories for April 3, 2023.

On the Site

New York Adds Another 99 Cannabis Retailers, Bringing Total Licensed to 165

New York marijuana regulators on Monday awarded another 99 conditional adult use retail dispensary permits to applicants, bringing the total of marijuana shop permits awarded to 165. The winners included 13 applicants from Brooklyn, Central New York, Western New York, and the Mid-Hudson regions, which had previously been blocked by an injunction. Read more here.

Massachusetts Cannabis Prices, Profits Hit Record Low

Prices for both wholesale and retail level cannabis in Massachusetts are at their lowest levels in five years, and the trend has put a financial hurt on businesses. In January, the average retail price per gram of cannabis flower hit $7.12, NBC Boston reported while citing state data. That’s down from more than the $14 per gram price in the final months of 2018. Read more here.

Goodness Growth Earnings Benefit from Arizona Exit, Minnesota Market Changes

Goodness Growth Holdings Inc. (CSE: GDNS) (OTCQX: GDNSF), saw revenue climb 39% in the fourth quarter, which the company’s interim CEO attributes in part to “removal of the negative performance drag” from the former Arizona cultivation facility. Read more here.

Embattled Skymint Regains Control of 3 Michigan Dispensaries After Court Order

Embattled cannabis firm Skymint reopened three dispensary locations last weekend after a court ruling settled a squabble between the company and an entity it acquired last year. Read more here.

POSaBIT Buys Banking Compliance Firm for $7.5 Million

Legal cannabis point-of-sale provider POSaBIT Systems Corp. (CSE: PBIT) has acquired assets from bank compliance firm Hypur Inc. for up to $7.5 million in cash and equity. Read more here.

In Other News

Rubicon Organics

In the fourth quarter of 2022, Rubicon Organics (TSXV: ROMJ) (OTCQX: ROMJF) earned $11 million of net revenue, an increase of 5% when compared to the third quarter of 2022. Net revenue was relatively flat from the third quarter as the company had certain facility maintenance and downtime which impacted crop yields and availability of supply in the autumn. Read more here.

Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) reported revenue for 2022 grew 177% to $10.1 million from $3.6 million in the prior year. Revenue growth was driven by the growing demand for premium distillate, extended product offerings, and expanding customer base. Read more here.

StaffMarch 21, 2023


The Daily Hit is a recap of the top financial news stories for March 21, 2023.

On the Site

New York Cannabis Store Adds Potency Disclaimers to Some Products

One of the five licensed and legal marijuana retailers in New York state just added THC potency disclaimers to a range of its products due to flaws in the current lab testing system, which is supposed to determine cannabis product potency to be displayed on labels for customers to see. Read more here.

Tinley’s Sheds Weight as California Cannabis Beverage Market Tightens

Looking to address growing market challenges, The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) cut staff and paused some expansion plans while it focuses on its relocation from Long Beach to Blaze Life Holdings’ (BLH) Canoga Park cannabis manufacturing and distribution facility. Read more here.

Another Shareholder Sues Innovative Industrial Over King’s Garden

As the cannabis industry has found itself struggling to compete against unlicensed players, high taxes and falling prices – the ripple effect continues. Late last week, another shareholder filed suit in Maryland against cannabis real estate investment trust Innovative Industrial Properties (IIP) (NYSE: IIPR) for failing to be truthful to investors about its business dealings with Kings Garden. Read more here.

Akerna Wraps Up 2022 With Losses, Exits Cannabis

Former cannabis company Akerna (Nasdaq: KERN) reported its unaudited financial results for the fourth quarter, which ended Dec. 31, 2022. Akerna is attempting to sell off its cannabis assets and has plans to merge with Gryphon Digital Mining. Read more here.

In Other News

Posabit Systems Corp.

Ancillary technology company Posabit Systems Corp. (CSE: PBIT, OTC: POSAF) released new financial guidance, and said it expects revenues of $60 million-$63 million for the 2023 fiscal year, with profits in the $15 million-$17 million range. Read more here.

Federal Rescheduling Review

U.S. Secretary of Health and Human Services Xavier Becerra this week declined to put a timeline on when his agency would finish an ongoing review of marijuana’s status as a Schedule 1 controlled substance, which could result in federal cannabis legalization. Read more here.

Veritas, Durango Cannabis Recalls

Two recalls were issued this week by Colorado authorities for products made by Veritas Fine Cannabis and Durango Cannabis Co., after testing found potentially unsafe levels of mold. Read more here.

Debra BorchardtMarch 21, 2023


Former cannabis company Akerna (Nasdaq: KERN) reported its unaudited financial results for the fourth quarter, which ended Dec. 31, 2022. Akerna is attempting to sell off its cannabis assets and has plans to merge with Gryphon Digital Mining.

Akerna reported that its software revenue fell 24% to $2.8 million for the fourth quarter and the total revenue for the quarter was also $2.8 million, which fell 30% versus last year’s fourth quarter. The company delivered a net loss of $25.2 million for the quarter versus $17.2 million for the same time period in the previous year.

Software revenue for the full year fell 19% to $12.9 million, while the total revenue for the full year fell 23% to $13.6 million. Akerna had a net loss for the full year of $79.1 million versus a net loss of $31.3 million for the previous year.

The company had cash and restricted cash of $7.9 million as of Dec. 31, 2022.

Losses from operations of $11.7 million and $55.4 million compared to a loss of $19.8 million and $33.1 million, respectively in last year’s same periods, reflecting lower overall operating expenses and less significant impairments in the current quarter of 2022 and higher depreciation, amortization and impairments in the full year 2022. The adjusted EBITDA loss was $1.8 million and $8.9 million compared with a loss of $3.1 million and $8.3 million for the same quarterly and annual periods of 2021.

Parts for Sale

Akerna decided to peace out on cannabis and sold its 365 Cannabis and Last Call Analytics business units in January 2023 for combined consideration valued at approximately $2.9 million. POSaBIT will tentatively be acquiring MJ Freeway, including the MJ Platform and Leaf Data System brands, and Ample Organics in the proposed sale transaction.

Green Market Report reported in January that Akerna said it would sell those business units to POSaBIT for $4 million in cash. The company said it planned to use the proceeds of the transaction, after expenses, to pay its remaining outstanding accounts payable and pay down any remaining principal balance on its outstanding senior secured convertible notes, in addition to net cash requirements associated with the proposed merger between Akerna and Gryphon.

“This transaction provides POSaBIT with an opportunity to combine complementary offerings to scale its business and expand its footprint with established platforms,” the company said in a statement. “These complementary products are likely to be mutually beneficial, as together they are expected to provide a comprehensive retail solution for cannabis operators, complete with supply chain compliance.”

StaffJuly 15, 2020


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.

StaffApril 8, 2019


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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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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