Mr. Ryan Hamlin reports

POSABIT PROVIDES UPDATE ON PIN DEBIT PROCESSING

Posabit Systems Corp. today provided an update on its pin debit processing solution. Recently, there has been an industry-wide decrease in debit acceptance rates caused, in part, by the removal of certain payment rails. As a result, industry-wide pin debit acceptance rates have declined to an unacceptable level of approximately 30 to 40 per cent. While the company is optimistic that acceptance rates will be restored to historical levels of 90 per cent plus in the near term, there is no set timetable for such restoration and there can be no assurance that such historical acceptance rates will be restored.

Due to these events today, the company is currently working with its customers to discuss alternatives, including the option to migrate to the company's other offered payment solutions to minimize impacts to in-store payment processing.

About Posabit Systems Corp.

Posabit is a fintech, working exclusively within the cannabis industry. The company provides a best-in-class point-of-sale solution and is the leading cashless payment provider for cannabis retailers. The company works tirelessly to build better financial services and transaction methods for merchants. It brings cutting-edge software and technology to the cannabis industry so that all merchants can have a safe and compliant set of services to solve the problems of a cash-only industry.