POSaBIT acquires Hypur and strengthens its payment and fulfillment solutions for the growing cannabis industry
POSaBIT Systems Corporation, a provider of point-of-sale and payment solutions for the cannabis industry, recently acquired selected assets of Hypur Inc., a provider of payment and bank compliance solutions for high-risk industries, including cannabis. . The acquisition, valued at up to $7.5 million, involved a combination of cash and equity.
Hypur has been providing cannabis businesses with regulatory and sustainable payment and banking compliance solutions since 2016. It has partnered with banks and credit unions across the US to provide banking and payment services to cannabis businesses.
With the acquisition, POSaBIT will now gain access to Hypur’s redundant PIN debit payment processing, Hypur Pay, the cannabis ACH e-commerce and mobile payment solution, and Hypur Comply, a compliance technology for financial institutions serving the cannabis industry. These technologies enable POSaBIT to offer a wide range of payment and fulfillment solutions to cannabis growers, processors, growers, distributors and the financial institutions that serve them.
POSaBIT CEO Ryan Hamlin said the acquisition allows the company to continue to provide innovative payment solutions to the cannabis industry while ensuring compliance with state and federal regulations. POSaBIT aims to be a provider of payment and banking compliance solutions for the growing cannabis industry.
This acquisition is an important step for POSaBIT and the cannabis industry, as it underlines the growing importance of payment and fulfillment solutions in this fast-growing market. POSaBIT is ready to lead the way by providing secure and legal payment solutions that help cannabis businesses operate successfully and meet regulatory requirements.
In short, POSaBIT’s purchase of the Hypur asset demonstrates the company’s commitment to innovation and growth in the cannabis industry. With expanded payment and fulfillment solutions, POSaBIT is well positioned to meet the needs of cannabis businesses and move the industry forward.