- POSaBIT (PBIT) has licensed its point-of-sale technology to a large cannabis technology partner
- The non-exclusive, worldwide license will earn the company a one-time fee of US$500,000 as well as US$20M guaranteed over four years
- The licensee may terminate the agreement with 180 days’ notice
- POSaBIT offers payment processing and point-of-sale systems for cash-only businesses
- POSaBIT Systems (PBIT) is up by 7 per cent trading at $1.07 per share
POSaBIT (PBIT) has licensed its point-of-sale technology to a large cannabis technology partner.
The non-exclusive, worldwide license will earn the company a one-time fee of US$500,000 as well as US$20M guaranteed over four years.
POSaBIT will be paid per point-of-sale device deployed, subject to a minimum monthly payment between US$325,000 to US$512,500 over four years.
The licensee has prepaid US$3.9M in minimum fees for the first year.
After the third anniversary of the agreement, the licensee may buy out its payment obligations by paying the greater of US$30.75M or five times the payments owed for the previous twelve months.
POSaBIT has granted the licensee a right of first refusal regarding exclusive license or third-party sales of its point-of-sale technology.
The licensee may terminate the agreement with 180 days’ notice.
POSaBIT is a fintech company offering payment processing and point-of-sale systems for cash-only businesses.
POSaBIT Systems (PBIT) is up by 7 per cent trading at $1.07 per share as of 10:10 am EST.