Fintech Co. POSaBit Teams Up With Springbig To Create POS Loyalty Program For Cannabis Dispensaries

Cannabis-focused financial technology company POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF) confirmed Monday it is teaming up with a provider of CRM software for cannabis dispensaries and brands springbig.

Through this partnership, the duo will create a new offering for dispensaries and their customers in the form of an improved loyalty ecosystem, advanced marketing services and “seamless functionality at the point of sale.” 

This would be a “two-way integration of the POSaBIT point of sale and springbig” providing integrated loyalty awards that can be obtained directly from the POS, new extra options for signing in loyalty members and upgraded SMS/MMS marketing options.

 “We are beyond pleased to have forged a partnership with springbig, a company we greatly respect, to create a best-in-the-industry product for dispensaries across the country,” Ryan Hamlin, CEO and co-founder of POSaBIT said. “Through this integration, our merchants will now have access to loyalty programs, marketing tools, and actionable data via springbig’s incredible platform.”

Jeffrey Harris, CEO of springbig said this partnership with POSaBIT helps the company create stronger connections between consumers and retailers via its loyalty and marketing offering.

“POSaBIT has done a tremendous job of helping dispensaries grow in this competitive space, and we look forward to working with Ryan and his team to create a truly modern cannabis retail environment,” Harris added.

POSaBIT recently released its second-quarter earnings with revenue of $5 million, up by 232% from the same period in the prior year. The Toronto-headquartered company also reported that transactional sales for payment processing totaled $87.3 million, a 331% spike compared to the results from the same period of 2020.

Price Action 

POSaBIT’s shares closed Monday marketing session 12.24% higher at 44 cents per share.

Photo: Courtesy of Avery Meeker on Unsplash