POSaBIT CEO Ryan Hamlin: Mobile Point-of-Sale Device Could Improve Retail Safety Standards

- July 13th, 2020

“We started to look at the power of the blockchain … we combined the ability and the strength of cryptocurrency with that of the credit card and the debit card brands to be able to bring a plastic solution or a form of electronic digital payment into cannabis. That’s where the business started.”

POSaBIT (CSE:PBIT,OTC Pink:POSAF) CEO Ryan Hamlin recently joined the Investing News Network to discuss his company’s progress developing digital payment solutions designed to enable the United States cannabis industry.

POSaBIT’s fully-integrated point of sale system leverages the power of blockchain technology to enable customers to make cannabis purchases legally.

Because credit card and debit card companies currently block cannabis purchases based on US federal law, customers and businesses have faced challenges conducting their day-to-day finances.

“We looked at the number one challenge, and that was that they were having to deal with cash. That meant theft and that meant it was extremely hard to audit. It was a bad business to be in if everything had to be dealt with in cash,” said Hamlin. “We started to look at the power of the blockchain… we combined the ability and the strength of cryptocurrency with that of the credit card and the debit card brands to be able to bring a plastic solution or a form of electronic digital payment into cannabis. That’s where the business started.”

POSaBIT has adapted to the COVID-19 pandemic by providing a mobile purchasing unit capable of taking curbside payments for its online orders. Due to lockdown restrictions, the use of cash has become increasingly dangerous for retail businesses, which POSaBIT is hoping to help mitigate through its online ordering and mobile payment solutions. “We are the first in the cannabis industry to have a point of sale terminal that is 100 percent mobile.”


*Disclaimer: This interview is sponsored by POSaBIT (CSE:PBIT,OTC Pink:POSAF). This interview provides information that was sourced by the Investing News Network (INN) and approved by POSaBIT in order to help investors learn more about the company. POSaBIT is a client of INN. The company’s campaign fees pay for INN to create and update this interview.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services, or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with POSaBIT and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

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