POSABIT SYSTEMS CORP - POSAF STOCK NEWS

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.

POSaBIT Systems Corporation (OTC-PINK: POSAF) has launched POSaBIT 2.0, a new cannabis point of sale platform designed to enhance user experience for budtenders, managers, and retailers. Leveraging customer feedback and nearly a decade of industry expertise, the updated platform features a redesigned user interface, improved front-end capabilities, and better backend reporting. Currently in beta testing, POSaBIT 2.0 will be available to all customers within a month. CEO Ryan Hamlin emphasized the commitment to delivering an improved user experience.

POSaBIT Systems Corporation (OTC: POSAF) will hold a conference call on November 29, 2022, at 4:30 p.m. Eastern Time to discuss its third-quarter results for the period ending September 30, 2022. The company provides innovative payment processing and point-of-sale systems for cash-only businesses, particularly in the cannabis industry. The call will be accessible via toll-free and international numbers, with a live webcast option available. A replay will be available shortly after the call concludes.

POSaBIT Systems Corporation has announced a record revenue of at least US$10.0 million for Q3 2022, marking a significant 60% year-over-year increase from US$6.3 million in Q3 2021. This quarter represents the first time the company surpasses the US$10 million mark. Furthermore, POSaBIT is entering the New York market, its twenty-first state, continuing its expansion with plans to enter eight new states by year-end. Full financial results are expected by the end of November.