In the age of social distancing, cannabis buyers gravitate towards POSaBIT’s debit card solution to avoid contact with cash and change.
SEATTLE April 23, 2020 - Despite various restrictions and regulations for cannabis buyers across the country, POSaBIT set a handful of company records on the industry’s signature holiday: 4/20. Across all partner stores, POSaBIT saw the highest number of transactions ever, the most total sales processed, and one of their highest average ticket days in the company’s four year history.
Customers are not only eager to use their debit cards during this time, they’re spending more (a lot more) while doing so.
On 4/20, POSaBIT saw an average cash ticket at their partner stores of $36.50. The average purchase for debit users, however, was a staggering $86.90, more than doubling those utilizing cash.
“The marijuana consumer, just like everyone else in our world right now, is concerned with cleanliness. Cash is dirty. Utilizing your own debit card is not,” said Ryan Hamlin, CEO/co-founder of POSaBIT. “Couple that with the desire that dispensaries have for keeping their own employees safe, and it all points to the adoption of debit cards. And, above all else, customers love it. They increase their spending power with debit, they don’t have to guess how much cash they’ll need prior to shopping, and the transaction itself is quick and seamless.”
POSaBIT’s proprietary debit payment solution allows consumers to easily and efficiently purchase their cannabis products with debit cards. They introduced their point of sale in 2018 to widespread acclaim.
POSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative blockchain-enabled payment processing and point-of-sale systems for cash-only businesses. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like Cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. POSaBIT’s unique solution provides a safe and transparent environment for merchants while creating a better overall experience for the consumer. For additional information, visit: www.posabit.com.
Co-founder and CEO of POSaBIT