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The Covid-19 pandemic has been good for the legal cannabis industry. POSaBit Systems Corp., which markets point-of-sale systems and services to the industry, reported second-quarter revenue growth and payments provider AeroPay is working with Safe Harbor Private Banking on a new payments service for the industry.
Kirkland, Wash.-based POSaBit says it is on track to triple the transactional sales volume it processed year-over-year and double its annual revenue.
“We are exceedingly pleased with our strong Q2 results, a result of impressive sales growth during Covid-19 and the continued onboarding of merchants to our new point-of-sale platform,” Ryan Hamlin, POSaBit co-founder and chief executive, said in a statement. “POSaBIT is on track for a breakthrough year in both sales and profits. We continue to see a high rate of growth in our business due to an increased interest and adoption, across the industry, in our POSaBIT cashless payments.”
POSaBit reported $1.5 million in second quarter revenue, an 83.7% increase from $816,700 a year ago. It narrowed its loss to $242,300 from $2.5 million.
Transactional sales totaled $26.7 million for the quarter, a 160% increase from $10.3 million in the 2019 first quarter.
In related news, AeroPay, a Chicago-based fintech that provides digital-payment services to the cannabis industry, said it and Safe Harbor Private Banking, a division of Arvada, Colo.-based Partner Colorado Credit Union, are working on a new payments service.
“Our partnership with Safe Harbor Private Banking gives us a proven banking partner that will help us ensure peace-of-mind for our customers, many of whom have run into issues with other solutions in the past,” Daniel Muller, AeroPay chief executive and founder, said in a statement. “Every step of the process, from onboarding to actually running payments, follows strict compliance protocols.”
Safe Harbor will provide support for due diligence, monitoring, and reporting issues for participants. AeroPay will provide the payment service for in-person and online sales. Once a business begins running payments, Safe Harbor Private Banking helps verify that each dollar accepted through AeroPay is validated, transparent, and accountable for legitimate licensed entities, AeroPay says.
