POSAF - POSaBIT Systems Reports Financial Performance In Q3 2023 Shows Resilience In Cannabis Payment Industry | Benzinga
POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF), a provider of payments infrastructure in the cannabis industry, has released its financial results for the third quarter of 2023, ending September 30, 2023.
"Since our inception, POSaBIT has remained steadfast in our dedication to delivering unparalleled payment and point-of-sale solutions to the cannabis industry,” stated Ryan Hamlin, co-founder and CEO of POSaBIT. "This commitment was (...) demonstrated as we swiftly navigated through industry service interruptions, achieving a return to 75% of processed volume with an additional 100 locations expected to commence processing in the coming weeks.”
See Also: Ontario To Ohio: RWB's Strategic Leap Fuels Revenue Boost
Financial Highlights for Q3 2023
- Transactional sales for payment services totaled $157.9 million, up 11% compared with $142 million in the third quarter of 2022.
- Total revenue was $13.6 million, up 32% compared with $10.3 million in the third quarter of 2022.
- Gross profit was $3.2 million, or 23% of revenue, up 10% on a dollar basis compared with ...