POSaBIT sells POS terminals and payment systems to cannabis retailers and has been shifting customers to a PIN-debit model compliant with local and federal regulations. The company is integrating newly acquired seed-to-sale and compliance software into its POS platform to provide an all-in-one product for suppliers, distributors and dispensaries. Management says the integrated system will track a cannabis seed’s entire lifecycle and improve traceability to help customers adhere to regulatory requirements. POSaBIT expects the acquisitions to add more than 350 clients, growing its customer base to nearly 900, and to expand headcount from about 60 to roughly 100. Financially, POSaBIT reported a Q3 net loss of about $1.2 million, a cash balance of $8.2 million, and forecasted revenue of $37–$40 million for 2022; it expects the acquired companies generated $11 million in revenue and $6.8 million in gross profit in 2022. The company aims to be profitable in 2023. POSaBIT provides digital currency payment solutions for industries that lack access to traditional banking and financial services, with particular focus on state-legalized cannabis retailers. The platform encrypts transactional information in the blockchain to establish a strong audit trail, detect money laundering behavior, and check for OFAC violations to support regulatory and law enforcement needs. The company reports that over 25 stores in Washington have used the POSaBIT platform and those stores have processed more than $2 million in sales via digital currency. POSaBIT was co-founded by Jon Baugher and Ryan Hamlin and is based in Seattle, WA. The company intends to use the new funds to expand operations and business reach.

Total raised

$13M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2023