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POSaBIT Announces ‘Cash Advance’, Loan Program for Cannabis Industry
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) has launched 'Cash Advance', a loan factoring program aimed at cannabis industry retailers. This initiative enables POSaBIT’s merchant partners to quickly obtain loans and pay them back through deductions from in-store processing. CEO Ryan Hamlin highlighted that this service addresses liquidity challenges faced by cannabis retailers, allowing them to scale operations or procure products effectively. The Cash Advance program will begin in Q4 with select beta accounts, followed by a full rollout in early 2022.
Positive
Launch of 'Cash Advance' loan program enhances liquidity for cannabis retailers.
Provides a simple repayment process through in-store processing deductions.
Targets a pressing need for cash access in the industry.
Negative
None.
SEATTLE--(BUSINESS WIRE)--
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), the leading provider of payments infrastructure in the cannabis industry, has announced “Cash Advance”, a new loan factoring program for the cannabis industry. The Cash Advance platform will allow POSaBIT’s payments merchants to secure a loan from the company quickly and without hassle, and subsequently repay the loan through payout deductions from the company’s in-store processing.
“We are very excited to unveil Cash Advance, which we see as a tremendous opportunity for any of our current partners to quickly access funds - and make their subsequent loan payments - with relative ease,” said Ryan Hamlin, founder/CEO of POSaBIT. “We know that retailers within the cannabis space are often in need of increased liquidity - whether that’s to purchase desirable product in bulk, break ground on renovations, scale their operations, or anything else. POSaBIT Cash Advance provides these retailers with both access to cash and a painless repayment program. We see it as a huge win all-around.”
POSaBIT Cash Advance will go live in Q4 with select beta accounts, with a planned full rollout in early 2022.
About POSaBIT
POSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative blockchain-enabled 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. For additional information, visit www.posabit.com.
