POSaBIT Cancels $4M Acquisition of Three Cannabis Compliance Software Firms After Superior Third-Party Offer

POSaBIT has abandoned its $4 million plan to acquire three cannabis compliance software firms after a third-party made a superior offer, choosing instead to focus on integrating its recently acquired payment tech assets. The Seattle-based fintech company, which raised $11 million for the initial deal, reported a $1.2 million loss in Q3 but expects $60-$63 million revenue in 2023.