POSaBIT brings blockchain powered payments to Nevada’s biggest cannabis retailer

POSaBIT, a financial technology company delivering unique blockchain-enabled payment processing and point of sale (POS) systems for cash-only businesses with a focus on the cannabis industry, announced a deal today with Reef Dispensaries.

Tryke Companies, which operates Reef Dispensaries, is a leading vertically integrated cannabis company with six dispensary locations – two serving medical patients in Arizona, and four catering to medical and recreational customers in Nevada, including its flagship location, just blocks from the Las Vegas Strip.

The company regularly surpasses 150,000 tickets per month, announcing earlier this year that it had reached the milestone of three million legal cannabis transactions, accepting only cash payment throughout most of its history.

“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. Our fully compliant solution allows businesses like Reef Dispensaries a secure path toward improved customer experience and increased sales.”
– Ryan Hamlin, POSaBIT CEO, and co-founder

POSaBIT already manages millions of transactions for over 120 other dispensaries across Washington, California, Nevada, Colorado, Arizona, and Oklahoma.

“We’re excited to offer our customers POSaBIT’s debit solution as we continue to grow and innovate in the cannabis retail space. Having the ability to take debit cards will improve the efficiency of our checkout process and allow us to provide a much better customer experience.”
– Reef Dispensaries’ Director of Retail Mark Conley