POSaBIT Launches New AI-Driven Producer & Processor Portal: POSaBIT Brands

SEATTLE--(BUSINESS WIRE)--POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), a leading provider of point of sale and payment solutions for the cannabis industry, today announced the launch of POSaBIT Brands, a new software platform built specifically for cannabis producers and processors.

POSaBIT Brands marks the Company’s first major expansion beyond cannabis retail. Historically, POSaBIT has focused on serving dispensaries through its point of sale, payments, eCommerce and loyalty solutions. With the introduction of POSaBIT Brands, POSaBIT is now able to serve the other half of the $35B+ cannabis industry’s supply chain: the brands, producers and processors who manufacture and distribute products.

“POSaBIT has long been the leading technology platform for cannabis retailers, and now we are bringing that same level of innovation to producers and processors,” said Ryan Hamlin, CEO and Co-founder of POSaBIT. “POSaBIT Brands opens up roughly 50% of the cannabis market that we have never previously served. We already work with the vast majority of retailers in Washington State and a growing number across the country. By adding producers and processors to our platform, we have the opportunity to connect in real-time both sides of the cannabis ecosystem in a way no one else can.”

POSaBIT Brands provides cannabis producers and processors with a centralized platform to manage and grow their business. The product leverages new AI technology and includes real-time sales and inventory reporting, business intelligence tools, a centralized product catalog, vendor managed inventory (VMI), order building, data mapping, B2B ACH payments, and a robust suite of custom reports.

The platform enables brands to see how products are performing across multiple retailers in real time, identify inventory issues before they become problems, analyze the effectiveness of discounts and promotions, and build stronger relationships with their retail partners. POSaBIT Brands also allows producers and processors to maintain a single, centralized product library across all retail locations, helping ensure cleaner data, more accurate reporting and a more consistent brand experience.

“Historically, cannabis producers and processors have had very little real-time visibility into what is happening once their products reach store shelves,” said Hamlin. “POSaBIT Brands changes that. We are giving brands access to real-time insights into sales, inventory, discounts, customer trends and retailer performance. It is a powerful new way for brands to make better decisions, improve operations and ultimately sell more products.”

A core component of POSaBIT Brands is its Vendor Managed Inventory, or VMI, functionality. The platform allows producers and processors to build orders directly from live inventory data at participating retailers, reducing out-of-stocks, simplifying reordering and improving communication between brands and dispensaries.

“VMI within POSaBIT Brands is a game changer,” continued Hamlin. “Instead of relying on spreadsheets, text messages and manual inventory checks, brands can now build smarter orders directly from real-time store data. That saves time for both the brand and the retailer, reduces missed sales opportunities and creates a much more efficient process.”

The backend of POSaBIT Brands is heavily supported by artificial intelligence, helping automate data mapping, product matching, report generation and inventory analysis. By leveraging AI, POSaBIT Brands can surface actionable insights and reduce many of the manual tasks that cannabis brands currently perform.

“We believe AI will play a major role in the future of POSaBIT’s technology,” said Hamlin. “POSaBIT Brands was built from the ground up with that in mind. The platform uses AI to help simplify complex workflows, organize large amounts of data and provide meaningful recommendations to our customers. This is not just another software product — it is a modern platform built for the future of the cannabis industry.”

In addition, POSaBIT Brands includes a universal product catalog that is created, maintained, vetted and approved directly by producers and processors. That catalog can flow directly into a retailer’s POSaBIT point of sale system and online menu, ensuring more accurate product information, cleaner data, fewer manual updates and a more consistent customer experience. By connecting brand-managed product data directly to the retailer, POSaBIT further strengthens its relationship with retailers while creating a more seamless connection between both sides of the cannabis supply chain.

POSaBIT expects POSaBIT Brands to become an important new growth driver for the Company over the coming years.

For more information on POSaBIT Brands, click here.

For information on POSaBIT’s 4/22 earnings call, click here.

ABOUT POSABIT

POSaBIT (CSE: PBIT, OTC: POSAF) is a FinTech, working exclusively within the cannabis industry. We provide a best-in-class Point-of-Sale solution and work with processing partners to provide a leading cashless payment solution for cannabis retailers. We work tirelessly to build better financial services and transaction methods for merchants. We bring cutting-edge software and technology to the cannabis industry so that all merchants can have a safe and compliant set of services to solve the problems of a cash-only industry. For additional information, visit www.posabit.com.