News

Cannabis retailer taps Posabit for debit card acceptance

image courtesy of Posabit

July 26, 2019

Posabit, a fintech that provides blockchain based point-of-sale and payment technologies, has entered an agreement with Reef Dispensaries to provide the Las Vegas-based cannabis retailer with a compliant debit payment system. 

Tryke Cos., the parent of Reef Dispensaries, operates four dispensaries in Nevada that serve medical and recreational cannabis customers and two dispensaries in Arizona that sell to medical patients, according to a press release.

"As one of the epicenters of the legal cannabis industry, with both a large contingency of medical patients and a massive tourist footprint, we're thrilled to partner with Reef Dispensaries as we're introduced to the Nevada market," Ryan Hamlin, co-founder and CEO of Posabit, said in the  release. "Our fully compliant solution offers businesses like Reef Dispensaries a secure path toward improved customer experience and increased sales."

Mark Conley, director of retail at Reef Dispensaries, said the ability to accept debit cards will  help make the company's checkout process more efficient.