“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.”
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