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Cannabis Fintech Company POSaBIT Reports Record Performance In 2020: What Investors Need To Know

May 6, 2021 12:48 pm
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Cannabis Fintech Company POSaBIT Reports Record Performance In 2020: What Investors Need To Know

Cannabis-focused financial technology company POSaBIT Systems Corporation (CSE:PBIT) (OTCQX:POSAF) reported Thursday that its total revenue increased by 327% year-over-year, hitting roughly $3.06 million in the fourth quarter of 2020.

Total revenue amounted to $7.82 million in 2020, representing an annual increase of 127%.

“2020 was the year we proved the viability and growth potential of our company,” POSaBIT’s CEO and co-founder Ryan Hamlin said.

Apart from doubling its revenue and merchant base on a year-over-year basis, the company boosted operating margins and achieved its second consecutive positive adjusted EBITDA quarter, Hamlin added.

Q4 2020 Highlights

  • Total processing volume spiked 411% year-over-year.
  • The gross profit margin amounted to $796,742 compared to a negative gross profit margin of $18,483 in the corresponding quarter of 2019.

Full-Year 2020 Highlights

  • Total processing volume increased 155%.
  • The gross profit margin amounted to approximately $1.74 million, representing a 485% growth compared to 2019.

In February, the company raised some $2 million by completing a strategic investment private placement of units.

Shortly after, POSaBIT teamed up with an online ordering and menu platform for cannabis retailers, I Heart Jane.

The company expects to generate between $14.5 million and $16 million in revenue in 2021.

It also plans to launch operations in Canada and add up to 8 new states fully supported with POSaBIT Payments and POSaBIT Point of Sale. POSaBIT currently operates in 14 states.

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Photo by Esteban Lopez on Unsplash

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