Posabit, a fintech that provides blockchain-based payment processing and point-of-sale systems to the cannabis industry, announced the rollout of its mobile payment system to dispensaries across the U.S.

Posabit said its new handheld device allows merchants to operate in full compliance in up to 25 states where medical and in some cases recreational use is permitted. Cannabis merchants are often forced to operate using cash because existing federal laws don't allow banks to handle cannabis-related transactions. 

"Delivery is one of the fastest growing segments of the cannabis industry and an area that many dispensaries are moving towards," Ryan Hamlin, co-founder and CEO of the company, said in the press release. "Our fully compliant solution allows businesses to offer a state-of-the-art retail customer experience for both in-store and delivery, while also providing in-depth business analytics and increased revenues."

Cover photo courtesy of Posabit.