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.