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Marijuana Fintech Co. POSaBIT Reports 67% YoY Drop In Q1 Revenue, Renews Focus On Sustainable Profitability And Growth

By Jelena Martinovic
June 14, 9:13 AM
Cannabis-focused provider of payments infrastructure POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF) announced on Thursday its financial results for the three months ended March 31, 2024.The company reported a 67% year-over-year drop in revenue to $33.8 million in the first quarter. Ryan Hamlin, co-founder and CEO of POSaBIT, said the company faced "market challenges" with its payments business at the end of 2023 and in early 2024.

CSE:PBIT

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POSaBIT’s 2023 Revenue Drops 7% YoY, Core Business Grows As It Seeks To List Its Shares On TSX

By Jelena Martinovic
May 14, 12:50 PM
POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF), a provider of payments infrastructure in the cannabis industry, announced on Tuesday its financial results for the twelve months ended Dec. 31, 2023. "Despite the challenges posed by several industry-wide payment disruptions in 2023, I am proud that we achieved a combined 23% growth in our core payments and point-of-sale business, excluding a one-time licensing fee booked in 2022," Ryan Hamlin, co-founder and CEO of POSaBIT, said. "Our unwavering dedication to supporting our merchants, clients, and providing best-in-class service remains our top priority."

CSE:PBIT

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Cannabis Fintech Co. Seeks TSXV Listing As POSaBIT CEO Highlights Potential Benefits

By Jelena Martinovic
December 22, 1:06 PM
Cannabis payment solutions provider POSaBIT Systems has applied for its common shares to be listed on the TSX Venture Exchange. POSaBIT Systems' CEO and co-founder, Ryan Hamlin, described the application as a continuation of its commitment to increase investment and liquidity options to shareholders. The listing is subject to TSX Venture Exchange review and the fulfilment of all requisite listing and regulatory requirements. The application follows POSaBIT's announcement that it plans to engage in a non-brokered private placement deal of up to 3,107,142 units for gross total proceeds of around CA$870,000 ($652,654). Each unit will be comprised of one common share and 0.88 common share purchase warrants, with each warrant exercisable into one common share in the company at CA$0.40 per warrant share for five years.

CSE:PBIT