Welcome to our dedicated page for Posabit Systems news (Ticker: POSAF), a resource for investors and traders seeking the latest updates and insights on Posabit Systems stock.
POSaBIT Systems Corporation (POSAF) is a FinTech company that focuses on payments infrastructure and Point-of-Sale technology for the cannabis industry. Its news flow provides insight into how a cannabis‑focused financial technology provider reports performance, responds to regulatory developments, and communicates with shareholders.
On this page, readers can review POSaBIT news related to quarterly and annual financial results, where the company reports revenue, gross margin, operating expenses, and non‑IFRS measures such as Adjusted Revenue, Adjusted Gross Profit, and Adjusted EBITDA. These releases often discuss trends in cash balances, operating costs, and the performance of its Point-of-Sale, eCommerce, and menu products.
POSaBIT also issues announcements about earnings conference calls and webcasts, including dates, times, access codes, and replay information. These items are relevant for investors who want to follow management’s commentary on business conditions, product adoption, and strategic priorities within the cannabis payments space.
Another category of POSAF news involves corporate and regulatory developments, such as shareholder meeting results and commentary on changes in cannabis policy, including potential rescheduling at the federal level. In these communications, the company explains how policy shifts may affect tax treatment, banking access, and payment processing for state‑legal cannabis operators.
By following the POSAF news feed, investors and industry observers can track how POSaBIT’s Point-of-Sale and payments infrastructure business evolves, how its financial metrics change over time, and how management views the broader cannabis and FinTech environment.
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) announced it received a notice of termination from Akerna Corp. regarding its agreement to acquire MJ Platform, Leaf Data Systems, and Ample Organics. Akerna indicated a third-party proposal could lead to a superior offer. Consequently, POSaBIT's board chose not to match the alternative proposal.
This notice does not affect ongoing commercial agreements with MJ Freeway, which include exclusive rights for payment processing services, bolstered by POSaBIT's recent acquisition of Hypur for $7.5 million. This acquisition is expected to add over $100 million in annualized Gross Merchandise Value.
POSaBIT Systems Corporation (OTC: POSAF) has acquired assets from Hypur Inc. for up to US$7.5 million, effective April 1, 2023. This transaction allows POSaBIT to enhance its payment solutions for the cannabis industry, providing a suite that includes PIN debit processing and compliance technology.
Hypur generated US$5.3 million in revenue and US$1.3 million in gross profit in 2022. The deal adds over 150 active merchant locations and strengthens POSaBIT’s banking relationships. The acquisition positions POSaBIT uniquely as a comprehensive provider in the cannabis payment space.
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) has announced its financial guidance for 2023, projecting total revenue between $60 million and $63 million, and gross profit between $15 million and $17 million. The company anticipates positive Adjusted EBITDA for the year. CEO Ryan Hamlin emphasized the company's growth outpacing the cannabis market, highlighting ongoing integration efforts for their point-of-sale and payments platforms. POSaBIT plans to report fourth quarter and full year 2022 financial results on April 26, 2023.
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), a leader in cannabis payment solutions, announced its participation in a fireside chat at the 35th Annual Roth Conference on March 13, 2023, at 5:00 PM ET. Investors can access the webcast here. Management will also hold one-on-one meetings at the conference, and interested parties can reach out via James@HaydenIR.com to arrange meetings. POSaBIT aims to enhance financial services in the cash-only cannabis sector, providing cutting-edge technology for retailers.
POSaBIT Systems Corporation (OTC: POSAF) has appointed Sarah Mirsky-Terranova as its new Chief Compliance Officer. With extensive experience in compliance and regulatory processes, she aims to enhance the company's focus on compliance as it expands in the cannabis industry. POSaBIT, a leading cashless payment provider for cannabis retailers, sees this appointment as pivotal for navigating complex regulations and fostering relationships in newly legalized markets. CEO Ryan Hamlin expressed excitement over her joining, emphasizing the importance of compliance in a fast-evolving industry.
POSaBIT Systems Corporation has appointed Chris Baker as its first Chief Strategic Officer, aiming to enhance strategic initiatives as the company expands within the cannabis payments sector. Baker brings over 20 years of experience, having previously served in roles including VP of Technology and Innovation at Genius Avenue. He will be granted 1,000,000 stock options at an exercise price of $1.10 CDN, vesting over 4 years. CEO Ryan Hamlin expressed confidence in Baker’s capabilities, citing the company’s impressive year-over-year growth.
POSaBIT Systems Corporation announced securing up to $11 million in debt and equity financing to fund its acquisition of MJ Platform, Leaf Data Systems, and Ample Organics from Akerna Corp. for US$4 million in cash. This strategic move is expected to significantly enhance POSaBIT’s market presence, doubling its merchant locations to nearly 900 and increasing revenue generation potential to approximately US$11 million with US$6.8 million in gross profit for the 2022 fiscal year. The acquisition, set to close in Q2 2023, will introduce new revenue streams and expand operations into Canada.
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) reported Q3 2022 revenue of $10.3 million, marking a 62% increase year-over-year and 26% sequentially. The company raised its gross profit guidance to $10.0 – $10.5 million and reiterated its 2022 revenue guidance of $37.0 – $40.0 million. A key highlight includes a royalty licensing agreement expected to generate $20 million revenue at nearly 100% margin. Despite strong growth indicators, the net loss narrowed to $(1.2 million), compared to $(6.9 million) in Q3 2021.
POSaBIT Systems Corporation has partnered with Onfleet to enhance payment and point-of-sale services within Onfleet's delivery management software for the cannabis sector. This integration, now in beta, allows cannabis retailers to efficiently manage delivery orders, verify age, accept payments, and track inventory. The move aims to improve operational efficiency and reduce costs for cannabis businesses amidst a rapidly evolving market. POSaBIT's CEO, Ryan Hamlin, emphasizes that this partnership boosts their open platform's capabilities, positioning them as a leader in the cannabis payment solutions market.
POSaBIT Systems Corporation has launched its point of sale system in Vermont, marking its entry into the 21st state for cannabis dispensary solutions. The company tailors its system to meet unique state regulations, enhancing its market presence as Vermont has recently opened its first recreational cannabis store. CEO Ryan Hamlin emphasized the firm's commitment to optimizing products for each market. Looking ahead, POSaBIT plans to expand into three additional states by year-end, further solidifying its footprint in the cannabis industry.