Greenbits Becomes First Cannabis Technology Company To Reach $4 Billion In Annual Retail Sales

SAN JOSE, Calif., Sept. 17, 2020 /PRNewswire/ -- Greenbits, the nation's largest cannabis retail platform, announced today that it has achieved $4 billion in annualized retail sales as customers continue to grow during the COVID-19 pandemic.

The company is the first cannabis technology provider to achieve this retail sales milestone as its customers have realized same-store sales growth of more than 25% year-to-date. The industry now affects more than a quarter billion people, yet the vast majority of financial transactions are conducted in cash. Greenbits customers accept the equivalent more than half a million $20 bills every day, while retailers across the country will accept the equivalent of more than one billion $20 bills this year. Advanced, software-backed retail support is critical to sustain cannabis operators.

"We are thrilled to see the cannabis industry defying economic trends by standing strong in the pandemic," Greenbits CEO Barry Saik said. "Our growth reflects our customers' success and their critical reliance on a technology solution that combines software and financial services. We're excited to continue driving the future of fintech within the legal cannabis industry."

Greenbits also released several new tools that went live today for retailers:

    --  Actionable insight reporting - Retailers now have the ability to run
        robust reports on inventory movement, profitability, sales and other
        product data across one or more locations. These powerful
        enterprise-level insights enable Greenbits customers to optimize
        inventory, pricing and promotional programs and outperform the
        competition.


    --  Next generation registers - Customers will notice immediate improvements
        in connection speed and reliability with Greenbits's advanced sales
        system. The register has new features that enable retailers to increase
        revenue. This includes seamless and intelligent management of order
        ahead, delivery, and in-store sales all in one place, an improved
        "emergency mode" to help retailers complete sales even when the internet
        is unavailable, and faster processing of compliant returns.
        Additionally, retailers will have more information at their fingertips
        with customer data on receipts, and the ability to remove items and
        discounts from orders quickly and easily. Retailers can grow their
        business with customer profiles that include referral information right
        at the register.
    --  Debit card processing - For the first time, vendors are able to process
        debit card transactions in store, curbside, and at drive-through
        locations, giving customers easier, more secure payment options. Since
        the onset of lockdowns in March, the number of retailers using
        Greenbits' debit card system has increased by more than 600 times, as
        early results show a 24 percent increase in purchase quantity on
        average, compared to cash transactions.

"As the regulatory landscape evolves, the team continues to lead the industry with a retailer-focused point of sale platform." said Karan Wadhera, Managing Partner of Casa Verde, a lead investor in Greenbits. "The company is rapidly scaling and managing the sharp increase in sales with a robust and secure platform."

About Greenbits
Greenbits empowers more than 1,200 cannabis retail locations across 13 states with a safer, smarter, easier way to manage day-to-day operations and maximize store performance. The company's robust retail platform - with automated state-by-state compliance, point of sale, inventory control, and personalized insights - enables owners, managers, and budtenders to run, protect, and grow their businesses with ease. As the largest provider of retail technology, Greenbits processes $4 billion in regulated cannabis sales annually on its platform. The company is headquartered in San Jose, California, and has an office in Portland, Oregon. Learn more at http://www.greenbits.com/.

Media Contact:
Emily Seeley
(415) 517-7507
eseeley@tridentdmg.com

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SOURCE Greenbits