Cannabis Fintech POSaBIT Integrates Metrc Connect Reporting

POSaBIT Systems Corporation (OTCQX:POSAF), a provider of payments and point-of-sale infrastructure for the cannabis industry, has integrated Metrc Connect reporting in its point-of-sale system for all states that utilize the track and trace system. Metrc, a U.S.-based provider of cannabis regulatory technology systems, combines software, radio-frequency identification (RFID), customer support, and a secure database to track cannabis from growth, harvest, and processing to testing and transport.

"We are excited that POSaBIT has achieved full integration with Metrc Connect across all States, including Oregon," stated Michael Johnson, CEO of Metrc. "POSaBIT's commitment to adopt Metrc Connect highlights their dedication to providing a smooth transition and optimal experience for their customers."

All POSaBIT partner dispensaries in Metrc regions now report necessary data to their regulatory bodies through the company's point-of-sale software.

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Ryan Hamlin, CEO/co-founder of POSaBIT, commented, "We have partnered closely with Metrc over the years and we appreciate their industry leadership when it comes to compliance. This continued focus on compliance and regulatory requirements by POSaBIT has proven to be one of the main reasons so many merchants have migrated over from older legacy Point of Sale providers to a more innovative POSaBIT POS solution."

Earlier this month, Metrc signed a contract with the Commonwealth of Virginia to support the regulation of its medical cannabis market. Metrc’s track-and-trace platform provides transparency to ensure regulatory compliance, help combat the illicit market and safeguard the health and well-being of Virginia’s patients. The Metrc system allows licensed operators to track activities affecting a plant’s status or the creation of cannabis-based products, including origin, testing results, handling, and chain-of-custody information via the company's RFID tracking model and software-as-a-service (SaaS) system. The information is then easily accessible to state regulators.

Metrc is engaged in 27 government contracts and serves more than 500,000 users, including growers, testing facilities, dispensaries, state regulators and law enforcement officials.

Price Action

POSaBit shares closed Wednesday’s market session flat at $0.081 per share.

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