POSaBIT Benefits from Growth in California Cannabis Market

California is a hotbed for cannabis, not just in the number of dispensaries, but for cannabis culture in general.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Friday, May 31, 2019
Information
Tags: 
Technology, Data management, Software, Professional services, Finance, Retail, Specialty, Tobacco, Health, Medicine, Herbalism, Medicinal plants, Cannabis smoking, Cannabis, Entheogens, Medical cannabis, Dispensary, Effects of cannabis
Geotags: 
United States, California, WASHINGTON
⚠generated by AI ↴
Summary
Key Points: 
  • California is a hotbed for cannabis, not just in the number of dispensaries, but for cannabis culture in general.
  • Were very pleased with the growth weve seen in this region, said POSaBIT co-founder and CEO, Ryan Hamlin.
  • POSaBIT operates in over 120 dispensaries across California, Washington, Colorado and Oklahoma.
  • POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware.


POSaBIT Systems Corporation (CSE: PBIT), a leading financial technology
company delivering unique blockchain-enabled payment processing and
point-of-sale (POS) systems for cash-only businesses, has made great
progress in supporting the fast-growing California dispensary
marketplace. Since entering the market six months ago, POSaBIT has seen
significant adoption of its fully integrated payment and POS solution,
and in first quarter 2019 the number of transactions and revenue
processed grew 436% and 427% sequentially.

“California is a hotbed for cannabis, not just in the number of
dispensaries, but for cannabis culture in general. We’re very pleased
with the growth we’ve seen in this region,” said POSaBIT co-founder and
CEO, Ryan Hamlin. “Customers expect the freedom to pay with alternative
forms of currency other than just cash. While our Californian merchants
appreciate our compliant cryptocurrency process, the customers
experience a typical retail experience where they can pay with cards,
and our unique solution is helping to bring this to life in the cannabis
dispensary market.”

POSaBIT’s proprietary crypto-based debit solution allows dispensary
customers to easily purchase cannabis with their debit cards using a
simple two-step cryptocurrency process. POSaBIT operates in over 120
dispensaries across California, Washington, Colorado and Oklahoma. Among
its client list is Project Cannabis, which operates four dispensaries in
the Los Angeles area.

About POSaBIT

POSaBIT (CSE: PBIT) is a financial technology company that delivers
unique and innovative, blockchain-enabled payment processing and
point-of-sale systems for cash-only businesses. POSaBIT specializes in
resolving pain points for complex, high-risk, emerging industries like
cannabis with an all-in-one solution that is compliant, user-friendly
and utilizes top-of-the-line hardware. POSaBIT’s unique solution
provides a safer and transparent environment for merchants while
creating a better overall experience for the consumer. For additional
information, visit: www.posabit.com.

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