• Home
  • MJNews @PRNewswire
  • CBDNews @BusinessWire
  • MJChannelOne
  • MJBA.net
  • MJHeadlineNews
  • Subscribe
  • Advertise
  • MJBA PR

MJNews Network

"The Voice of Legal Cannabis Since 2013"

  • Home
  • Business
  • MJNews By PRNewswire
  • CBDNews by BusinessWire
  • Legal
  • Events
  • BlPOC in Cannabis
You are here: Home / Archives for point-of-sale

POSaBIT Begins Trading On The Canadian Securities Exchange

April 8, 2019 by MJ News Network Leave a Comment

CANADA: POSaBIT Systems Corporation, a leading financial technology company delivering unique blockchain-enabled payment processing and point-of-sale systems for cash-only businesses with a focus on the cannabis industry, today announced that following the completion of its reverse takeover transaction it has begun trading on the Canadian Securities Exchange (CSE) under the ticker “PBIT”.

“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.”

2018 Corporate Milestones

  • For the nine months ended Sept. 30, 2018, the Company generated USD $1.39 million in revenue (with cost of sales of USD $1.4 million), a 266% increase over the prior year comparable period (and an increase in cost of sales of 226% over the prior year comparable period).
  • The Company expanded its footprint in California, Nevada, Oklahoma, Colorado and Washington.
  • In February 2018, POSaBIT completed the acquisition of DoubleBeam, which specializes in POS payment processing for the Hospitality sector.
  • The Company 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 – helping merchants navigate complex payment requirements.
  • POSaBIT designed and released a new front-end POS console that is uniquely 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.
  • The Company moved its corporate headquarters to a larger location in Kirkland, WA, which will support continued growth and expansion plans.
  • Pursuant to private placement financings undertaken in conjunction with the listing, POSaBIT generated gross proceeds of $1.3M.

“We believe our all-in-one payment and POS solution provides a unique and compelling offering that enables cash-only businesses, like those typical to the cannabis industry, to provide their consumers with an alternative to cash, while still satisfying retail customer experience expectations,” Hamlin added. “We believe the cannabis industry represents a large and growing opportunity for our offerings. With the successful completion of our listing on the CSE, we are pleased to have the additional capital needed to accelerate our growth in this rapidly expanding market. Our solution fills an unmet need, enables merchants to remain compliant in a highly regulated industry, and drives sales. We think this is a winning combination that will fuel our growth in 2019.”

POSaBIT was founded and incorporated in 2015 and is led by a team of executives with deep expertise across the technology space. POSaBIT Co-founder and CEO Ryan Hamlin brings over 27 years of software development, management experience, and entrepreneurship, including founding PlaceFull in 2011 and holding former leadership posts at Microsoft and MSN. Co-founder Jon Baugher heads up sales execution, revenue growth, and customer success utilizing his 28 years of global hardware and software technology sales experience. Full biographical information for the leadership is available here.

 

Filed Under: Business, Homepage Tagged With: Canada, Canadian Securities Exchange, cannabis technology, cannatech, CSE, international, mjnews, PBIT, point-of-sale, POS, POSaBIT, pot stocks, public markets and the legal cannabis industry, Striking Oil: The Business of Edibles

Connect with Us!

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Tumblr
  • Twitter
  • Vimeo
  • YouTube

Top Stories

WSLCB Board Action: Withdrawal of Proposed Rules for Social Equity in Cannabis Program.

WASHINGTON: During a regularly scheduled meeting, the Liquor and Cannabis Board took the following action: Proposed rules filed – public comment period now open: Withdrew proposed rule-making (CR 102) originally filed as WSR 22-09-036  on April 13, 2022 regarding amendments to existing rules and a new rule section that would establish the Social Equity in Cannabis program in Read the full article…

Michigan Cannabis Regulatory Agency Announces New Social Equity All-Star Program

MICHIGAN:  The Cannabis Regulatory Agency (CRA) announced today a new initiative to encourage cannabis industry licensees to be proactive in their diversity, equity, and inclusion campaigns through its new Social Equity All-Star Program.  “Michigan’s cannabis industry is abounding with business owners who have invested their time and money in initiatives to help those who were Read the full article…

Oklahoma: OMMA to Become Stand-Alone Agency on November 1, 2022

OKLAHOMA:  Following Gov. Kevin Stitt’s signing of Senate Bill 1543, the Oklahoma Medical Marijuana Authority (OMMA) will become an independent state agency effective Nov. 1. Oklahoma voters authorized the state’s medical marijuana program in 2018 with State Question 788. SQ 788 created OMMA and the state laws that launched the industry. It also placed the new medical marijuana regulatory Read the full article…

CANNECTED TV expands Global Distribution to XBOX, Samsung and LG CTV, Sony, Panasonic, Philips, Sharp, and TCL Smart TV’s

NEW YORK:  CANNECTED TV, a cannabis streaming channel, is now expanding and will have distribution across gaming, televisions, mobile, and online devices for cannabis programming and advertising with shop-able content. CANNECTED TV is a destination platform for cannabis education through entertainment. It can be currently accessed via ROKU, Apple TV and IOS devices globally, Android Read the full article…

OLCC Task Force on Cannabis-Derived Intoxicants and Illegal Cannabis Production Meeting

OREGON: The Task Force on Cannabis-Derived Intoxicants and Illegal Cannabis Production will hold its initial (virtual) meeting on Thursday, May 12, 2022 from 9 AM to 11 AM. A meeting agenda can be found on the Oregon Liquor and Cannabis Commission’s website in the public meetings section.  The Oregon Legislature established the Task Force (2021 HB 3000 Read the full article…

Michigan Cannabis Regulatory Agency Announces New Social Equity All-Star Program

Oklahoma: OMMA to Become Stand-Alone Agency on November 1, 2022

CANNECTED TV expands Global Distribution to XBOX, Samsung and LG CTV, Sony, Panasonic, Philips, Sharp, and TCL Smart TV’s

Search By State:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

© Copyright 2014 MJBA Publishing · MJ News Network · All Rights Reserved ·