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  • POSaBIT (PBIT) has licensed its point-of-sale technology to a large cannabis technology partner
  • The non-exclusive, worldwide license will earn the company a one-time fee of US$500,000 as well as US$20M guaranteed over four years
  • The licensee may terminate the agreement with 180 days’ notice
  • POSaBIT offers payment processing and point-of-sale systems for cash-only businesses
  • POSaBIT Systems (PBIT) is up by 7 per cent trading at $1.07 per share

POSaBIT (PBIT) has licensed its point-of-sale technology to a large cannabis technology partner.

The non-exclusive, worldwide license will earn the company a one-time fee of US$500,000 as well as US$20M guaranteed over four years.

POSaBIT will be paid per point-of-sale device deployed, subject to a minimum monthly payment between US$325,000 to US$512,500 over four years.

The licensee has prepaid US$3.9M in minimum fees for the first year.

After the third anniversary of the agreement, the licensee may buy out its payment obligations by paying the greater of US$30.75M or five times the payments owed for the previous twelve months.

POSaBIT has granted the licensee a right of first refusal regarding exclusive license or third-party sales of its point-of-sale technology.

The licensee may terminate the agreement with 180 days’ notice.

POSaBIT is a fintech company offering payment processing and point-of-sale systems for cash-only businesses.

POSaBIT Systems (PBIT) is up by 7 per cent trading at $1.07 per share as of 10:10 am EST.


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