POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), a Kirkland, WA-based point-of-sale and payments provider for the cannabis industry, acquired certain assets from Scottsdale, Arizona-based Hypur Inc., in a cash and equity transaction valued at up to US$7.5m.
Led by Michael J. Sinnwell, Jr., CEO, Hypur is a provider of compliant, sustainable payment and bank compliance solutions for high-risk industries, including cannabis businesses. The company has extensive partnerships with banks and credit unions throughout the United States who have used Hypur’s technology to provide banking and payment services to the cannabis industry since 2016.
The acquisition enables POSaBIT to offer a more comprehensive suite of payment and compliance solutions for the cannabis industry, including redundant PIN debit payment processing, Hypur Pay, a cannabis ACH eCommerce and mobile payment solution, and Hypur Comply, compliance technology for financial institutions serving the cannabis industry. With the acquisition, POSaBIT now provides a one-stop shop for all payment and bank compliance needs for cannabis dispensaries, processors, cultivators, distributors, and the financial institutions that serve them.
Led by Ryan Hamlin, CEO, POSaBIT is a FinTech, which provides a Point-of-Sale solution for cannabis retailers.
FinSMEs
03/04/2023