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/.