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Point-of-sale system provider POSaBIT Inc. announced nine stores of the Starbuds recreational marijuana-dispensary chain will use its POS system.
Though POSaBIT, in its press release, did not disclose specifically which payments Starbuds will accept via the POS system, its Web site lists debit card and cryptocurrency acceptance as alternatives to cash. Kirkland, Wash.-based POSaBIT says it is a registered money-service business and has a money-transmitter license as required in each state.
The POSaBIT system enables consumers to acquire cryptocurrency and spend it on purchases at cannabis merchants. Consumers also can use the digital currency at any merchant that accepts it, POSaBIT says.
“POSaBIT is the clear leader in providing an alternative to cash transactions,” said Josh Riggs, Starbuds chief operating officer, in a press release. “Their compliance framework, seamless consumer experience, and easy-to-use system make POSaBIT an easy choice for our stores.” Denver-based Starbuds generated $50 million in revenue in 2017, POSaBIT says.
Recreational-marijuana sales are legal in nine states. Medical-marijuana sales are legal in 30 states.
