POSABIT SYSTEMS CORP - POSAF STOCK NEWS

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.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), a leader in cannabis point-of-sale software, will present at the Benchmark Company’s 11th Annual Discovery One-on-One Investor Conference on December 1, 2022, in New York City. The event facilitates one-on-one meetings between management and institutional investors. This offering underscores POSaBIT's commitment to enhancing investor relations and expanding its footprint in the cannabis industry. For details, visit Benchmark Company.