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POSaBIT acquires cannabis bank compliance platform

POSaBIT Systems Corporation has acquired certain assets from Hypur Inc. ("Hypur"), effective April 1, 2023, in a cash and equity transaction valued at up to US$7.5 million, implying a purchase price multiple of 1.4x 2022 revenue.

Hypur is a leading provider of compliant, sustainable payment and bank compliance solutions for high-risk industries, including cannabis businesses. Hypur has extensive partnerships with banks and credit unions throughout the United States, who have used Hypur's technology to provide banking and payment services to the cannabis industry since 2016. Included in the acquisition are Hypur Comply, Hypur Pay, and Hypur's PIN debit merchant processing solution.

The acquisition enables POSaBIT to offer a more comprehensive suite of payment and compliance solutions for the cannabis industry, including redundant PIN debit payment processing, Hypur Pay, the leading cannabis ACH eCommerce and mobile payment solution, and Hypur Comply, compliance technology for financial institutions serving the cannabis industry. With the acquisition, POSaBIT now provides a one-stop shop for all payment and bank compliance needs for cannabis dispensaries, processors, cultivators, distributors, and the financial institutions that serve them.

We are thrilled to announce that POSaBIT has acquired Hypur, a leading provider of compliance and payment solutions for the cannabis industry. This acquisition marks a significant milestone for POSaBIT as we continue to expand our footprint and capabilities in the rapidly growing cannabis payments and point-of-sale market," said Ryan Hamlin, CEO and Co-founder of POSaBIT.

"We are excited to join forces with POSaBIT," said Michael J. Sinnwell, Jr., CEO of Hypur. "We have been providing compliance and payment technology to financial institutions serving the cannabis industry for nearly a decade and look forward to expanding our reach with POSaBIT. Together, we can provide a more comprehensive and fully redundant suite of payment and compliance solutions to the cannabis industry, making it easier for businesses to operate and thrive."

Hamlin added, "Hypur's innovative technology and deep expertise in compliance and payments further enhance our platform and enable us to serve the needs of our customers better. Together, we can offer a more comprehensive and integrated solution to cannabis merchants for both their retail and online payments needs, providing them with the solutions needed to grow their business while remaining compliant with complex regulations.

"We are excited to welcome the talented Hypur team to the POSaBIT family and look forward to working together to deliver even greater value to our customers."

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