POSaBIT Enters CBD Point Of Sale Market

POSaBIT Systems Corporation PBIT POSAF has entered the CBD market with their point of sale solution.

POSaBIT is now live in over twenty brick and mortar CBD locations nationwide, opening up thousands of new market opportunities for the company.

“We are incredibly excited to enter the large and growing CBD market,” Ryan Hamlin, CEO and co-founder of POSaBIT, said. “Our point of sale and payments solutions are natural fits for the brick and mortar CBD stores across the country, and we look forward to pursuing this underserved industry in the coming weeks and months. In addition to the overall market opportunity, we believe that CBD stores will be well-positioned for the transition into cannabis dispensaries upon full federal legalization, and we want to be in the door when that happens.”

POSaBIT will continue to pursue CBD merchant opportunities as they come in, though it will remain an ancillary part of their business, with the focus remaining on cannabis dispensaries in recreational and medical states.

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 “CBD sales in the U.S. hit $4.6 billion in 2020, a massive number just two years after hemp-derived cannabinoids were federally legalized,” according to Forbes. “This growth is only expected to accelerate, with two notable forecasts projecting a U.S. market of $15 billion to more than $20 billion by 2025 and 2024, respectively.”

Photo: Courtesy of Clay Banks on Unsplash