POSaBIT is a fintech company that has developed an innovative blockchain-based payment processing and point-of-sale (POS) system for businesses forced to rely on cash. POSaBIT designed its system to cater to the American cannabis industry, where companies operate high-risk cash businesses due to federal cannabis laws. While recent legislative proposals have been submitted to allow cannabis-related business to work with banks, the POSaBIT payment processing system has been designed to serve both cash businesses and those fully integrated into traditional payment systems.
POSaBIT intends to secure a first-mover advantage in the United States by establishing operations in cannabis-friendly states before federal cannabis legalization is proposed. To date, the POSaBIT system has been deployed in over 120 stores across California, Colorado, Oklahoma, Arizona, Nevada and Washington. The system collects data for both retailers and manufacturers, enabling businesses to adapt to consumer preferences and market demands. POSaBit has provided its services to a number of major brands including Nike Inc. (NYSE:NKE), GoPro Inc. (NASDAQ:GPRO) and Guess? Inc. (NYSE:GES).
POSaBIT’s company highlights include the following:
- POSaBIT offers an innovative blockchain-based payment processing and POS system, which is a first-to-market software solution for managing cannabis retail stores.
- The payment processing and POS system is one of the only compliant systems in the US.
- Sales through the POSaBIT system are typically 60 percent higher than the cash-only purchase.
- The POS system is currently used in over 120 stores across California, Colorado, Oklahoma, Arizona, Nevada and Washington.
- The company provides its POS system to big brand names such as Nike, GoPro, Safeway, & Warner Brothers, and its payments solutions to such major cannabis chains as The Reef dispensaries, Bud Hut, and Starbuds, among many others.
- POSaBIT processed $85 million in payments in the food services industry in 2018.
- Salal Credit Union openly acknowledges its relationship with POSaBIT despite the federal stance on cannabis.
- POSaBIT is led by an experienced management team and board of directors comprised of technology entrepreneurs.
- Management and the board hold approximately 37 percent of shares.