Why The Time Was Right For POSaBIT’s IPO

by Ryan Hamlin, CEO and Cofounder

This week, POSaBIT (CSE: PBIT) forged ahead with a new phase in our corporate history when we went public on the CSE, putting another feather in the cap of the $32.1B global cannabis market projected for 2022.

We have been working hard to prepare for this moment. A confluence of social and economic forces -- the cannabis industry coming into its own, massive legislative tailwinds and the need for technology and innovation to catapult this industry forward -- led us to determine that now is the time to take this important step as a growing company.

There’s no question that the industry is exploding – and evolving quickly. Sweeping legislation across North America over the last year rapidly changed the cannabis landscape, including the passage of legalized marijuana regulations in 10 states plus Washington D.C. and Canada’s move to full legalization. With each new legal market comes vast opportunity for cannabis entrepreneurs, not only in the opening of cannabis dispensaries, but in the many auxiliary markets that support them. Each cannabis store, for example, has a need for an online ordering system, a customer loyalty program, and customer discounts, just to name a few.

But in the race to be the first to offer a unique solution, the cannabis industry has become fragmented. So much so that today's dispensary owners are forced to use a dozen different systems every day to run their store. And as a result, in this race to market, some gaps have been exposed in the industry that are impeding growth for these businesses.

We launched POSaBIT to fill a critical gap in the quickly emerging cannabis sector, initially focusing on helping dispensaries navigate the onerous cash-only restrictions. Our mission is to be the leading provider of fintech solutions for these retailers. Recently, we broadened our offerings to include state-of-the-art point-of-sale technology that brings the cannabis industry’s consumer experience in line with modern retail standards. These solutions are now proudly operating at over 120 cannabis merchants across the U.S. and growing.

For the cannabis industry to continue to grow and mature, the ecosystem needs accountable, innovative and legitimate players. Being a public company provides us the credibility we believe is essential to fulfill our mission. We want to be the partner of choice for cannabis retailers – a partner they can trust.

We are proud of the progress we’ve made and excited to embark on the next phase of our journey. We look forward to delivering great value to our shareholders and customers in the years to come.