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POSaBit acquires Hypur’s marijuana e-commerce assets for up to $7.5 million

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POSaBit Systems Corp. acquired marijuana e-commerce and compliance software assets from Hypur for as much as $7.5 million if certain benchmarks are hit.

According to a Monday news release, the cash-and-equity deal represents a “purchase price multiple” of 1.4 times Hypur’s 2022 revenue.

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The deal also is the second notable purchase this year by POSaBit, a cannabis payment-solutions company based in Kirkland, Washington.

In January, POSaBit paid $4 million in cash for the software business of Akerna Corp., cementing the Denver-based company’s exodus from the marijuana industry amid mounting headwinds.

The acquired assets of Scottsdale, Arizona-based Hypur, which last year generated about $5.3 million in revenue and $1.3 million in gross profits, include:

Hypur Pay, an ACH e-commerce and mobile payment solution. Hypur Comply, a compliance technology for financial institutions serving the cannabis industry. Hypur’s PIN debit merchant processing solution.

”This acquisition marks

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From client to co-founder, Storz & Bickel executive on US tour to drum up cannabis business

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Jürgen Bickel is not only the founder and managing director of Storz & Bickel, he’s also a longtime client of the company’s iconic cannabis smoking device.

The medically certified product manufacturer, based in Tuttlingen, Germany, is celebrating the 25th anniversary of its Volcano vaporizer, which has sold hundreds of thousands of units worldwide since its early days on the market when Bickel first tried it as a consumer.

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“It’s really for people who are frequently using cannabis,” he told MJBizDaily during a recent interview and product demo at a private cabana at The Woods in West Hollywood, California.

“There’s a lot of patients who really need to use it several times a day.

“They need reliability and reproducibility.”

The Woods, owned by

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Marijuana Business Daily

Virginia governor expected to veto recreational marijuana sales legislation

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Virginia appears set to remain the only state in the country with recreational marijuana legalization but without legal sales.

That status quo would continue if, as widely expected, Republican Gov. Glenn Youngkin again vetoes adult-use sales legalization bills that state lawmakers recently sent to him.

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For the second straight year, Virginia’s Democratic-controlled General Assembly passed legislation that would finally set up adult-use sales in the state.

Youngkin’s Democratic predecessor, Ralph Northam, signed legalization into law in 2021, but that bill had a clause that required further action to create a market projected to be worth hundreds of millions.

The most recent legislation would give exclusive adult-use sales rights to the state’s existing medical marijuana businesses, which include major multistate operators such as:

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Trump research cuts threaten cannabis studies, poses rescheduling questions

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The Trump administration’s plan to cut federal research funding threatens 565 ongoing experiments involving cannabis, according to an MJBizDaily review and interviews with scientists and academics.

An accompanying freeze of new National Institutes of Health (NIH) grants is also stymieing future research at a key moment – and raising questions about the fate of marijuana rescheduling as well as suggesting profound consequences for the regulated MJ industry.

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The NIH announced Feb. 7 that it would drastically reduce to no more than 15% the amount of “indirect costs” – money used to cover administrative and facility-related bills – financed by federal research grants.

Without fully funded indirect costs, “I literally cannot do my research,” Angela Bryan, a professor of psychology and neuroscience at the

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