U.S. Markets open in 9 hrs 22 mins

POSaBIT Expands into Arizona Cannabis Market

SEATTLE--(BUSINESS WIRE)--

Company Poised for Strong Foothold in the State as the Industry Primes for a 2020 Vote on Recreational Use

POSaBIT Systems Corporation (PBIT.CN), a leading financial technology company delivering unique blockchain-enabled payment processing and point-of-sale (POS) systems for cash-only businesses with a focus on the cannabis industry, has begun implementing its services in Arizona’s cannabis sector, with an initial focus on cannabidiol (CBD). Over just two years, the company has managed millions of cannabis and CBD transactions and expanded its footprint across some of the industry’s largest markets, including California, Washington, Nevada, Colorado, and Oklahoma.

“Arizona is an important market to us and one that we’re thrilled to support,” said POSaBIT co-founder and CEO, Ryan Hamlin. “Part of our growth strategy is to enter new markets as soon as the ink has dried on the legislation and we’ve met or exceeded the state’s compliance standards. Before entering any new market, we work closely with state officials to ensure the solutions that our customers put into place not only stand up to scrutiny but help them run a smarter business. Furthermore, we understand how important it is for dispensaries to deploy a transparent and trustworthy payments system, leverage a seamless retail POS, and have access to robust seed-to-sale data.”

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, managing millions of transactions across six states.

About POSaBIT

POSaBIT (PBIT.CN) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190612005264/en/