A leading cannabis retail financial payments processor is expanding its brick-and-mortar payments services to the CBD retail market. Seattle-based POSaBIT Systems Corp., provider of point of sale software and payments infrastructure in the cannabis industry, has entered the CBD market with its point of sale solution.
POSaBIT is now live in over twenty CBD locations nationwide, opening up thousands of new market opportunities for the company.
The company sees opportunity in the growing CBD marketplace, citing Forbes in its press statement, “CBD sales in the U.S. hit $4.6 billion in 2020, a massive number just two years after hemp-derived cannabinoids were federally legalized. This growth is only expected to accelerate, with two notable forecasts projecting a U.S. market of $15 billion to more than $20 billion by 2025 and 2024, respectively.”
“We are incredibly excited to enter the large and growing CBD market,” said Ryan Hamlin, CEO and co-founder of POSaBIT. “Our point of sale and payments solutions are natural fits for the brick-and-mortar CBD stores across the country, and we look forward to pursuing this underserved industry in the coming weeks and months.”
Hamlin added that, in addition to the overall market opportunity, POSaBIT believe that CBD stores will be well-positioned for the transition into cannabis dispensaries upon full federal legalizationl “ … and we want to be in the door when that happens.”
While POSaBIT will continue to pursue CBD merchant opportunities as they arise, that will remain an ancillary part of its business, with the focus remaining on cannabis dispensaries in recreational and medical states.
POSaBIT’s financial technology services deliver unique and innovative 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 safe and transparent environment for merchants while creating a better overall experience for the consumer.