POSaBIT Begins Trading On The Canadian Securities Exchange

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.


Green Bits Named TechCrunch Disrupt First Runner Up

CALIFORNIA: Cannabis technology company Green Bits today announced it has been named the first runner-up at San Francisco’s prestigious TechCrunch Disrupt Battlefield competition. The event marks the first time a cannabis technology company has been accepted into TechCrunch Disrupt, a highly regarded technology event known for identifying and producing young companies that are changing technology applications across sectors.

Green Bits, which provides point-of-sale software services for the emerging legal recreational cannabis market,  was not only accepted to the competition, but advanced to the final round of just six participants and was then named first runner-up. “I am deeply honored to have made it to the TechCrunch Disrupt Battlefield finals,” said  company co-founder Ben Curren, who presented at the grueling multi-day event alongside co-founder Trae Robrock. “There’s not a lot of competition providing this sort of software with our pedigree within the marijuana market. This is Silicon Valley-quality software, custom-tailored for this new business model, and I am thrilled my peers in technology have recognized that.” 

Founded in 2014 by and bootstrapped with proceeds from selling his Outright accounting software company to GoDaddy, the one-year-old point-of-sale system already serves nearly half of the retail recreational marijuana market in Washington, despite the software still being in the beta stage. 

See Green Bits’ TechCrunch Disrupt presentation here.

Curren and his co-founders, former Outright colleagues Trae Robrock and Andrew Katz, developed the software working alongside recreational marijuana retailers as their stores opened. While other POS companies have shoehorned, revamped, and retrofitted their software to fit this unique segment, Green Bits seamlessly meets the needs of marijuana retail. An easy-to-use iPad-based register and web-based inventory solution work together and automatically sync to each state’s system. 

“We wanted our software to work like that in a marijuana store: You ring the customer up, and it’s simple; but our software also ensures that you’re in compliance with state and federal laws governing the sale of marijuana,” says Curren.

Because of individualized state reporting requirements, Green Bits customizes for each state. Having achieved 45 percent market share in Washington state while still in the beta stage of product development, Green Bits is now moving into Oregon and Colorado.