POSaBIT Captures Majority of Cannabis Transactions in Washington State

LOS ANGELES- POSaBIT Systems Corporation a provider of point-of-sale and payments infrastructure in the cannabis industry, now processes over 85% of all cannabis point-of-sale transactions in Washington State. ​

Established in 2015, POSaBIT has expanded its services to over 500 locations across more than 20 states. In 2024, the company launched eCommerce menus, offering dispensaries a comprehensive technology solution. ​

Washington State, one of the first legal cannabis markets in the U.S., represents a stable cannabis economy where POSaBIT has established a strong market presence. ​

In the third quarter of 2024, POSaBIT reported positive adjusted EBITDA for the second consecutive quarter, with an adjusted gross profit margin of 54%. The company also noted the successful launch of its eCommerce menu capability, with nearly 40 new merchants adopting the feature within 90 days. ​

POSaBIT’s CEO and Co-Founder, Ryan Hamlin, emphasized the company’s commitment to providing compliant solutions that enhance efficiency and security for cannabis retailers. He expressed optimism about the company’s growth prospects, particularly in light of potential federal rescheduling of cannabis. ​

The company’s stock is traded over-the-counter under the ticker symbol POSAF. ​

POSaBIT’s significant market share in Washington State underscores its role in the state’s cannabis retail infrastructure.