POSaBIT is a Seattle financial services company Incorporated in 2015. They created a point-of-sale arrangement for purchasers of legal cannabis in Washington based on conversion of US dollars from a customer's credit card swipe to Bitcoin. Uncle Ike's Pot Shop began using the system in March, 2017 for cashfree retail transactions with a point-of-sale tablet resembling a Square, Inc. payment system, and by June it was reported to be in use at 30 locations. A Washington legislator introduced a bill to the state senate in January, 2017 that would make bitcoin illegal for such transactions. The legislator cited the Cole Memorandum as placing the state's system in jeopardy if virtual currency were not banned, due to 2014 FinCEN financial transparency requirements. In June 2017, POSaBIT raised $1.5 million in funding.
- "Ganjapreneurs look to Bitcoin as big banks reject their money", The Cannabist, The Denver Post, June 19, 2017
- Jennifer Kaplan (June 13, 2017), Bitcoin is helping the U.S. pot business get over its banking problem, Bloomberg News – via The Globe and Mail (Toronto)
- Chris Moore (June 20, 2017), "Lack of Legal Banking Options Pushing Canna-Businesses Towards Bitcoin", Merry Jane
- Casey Jaywork (March 22, 2017), "A Pioneer Square Startup Is Using Bitcoin to Let People Buy Pot With a Credit Card", Seattle Weekly
- Marijuana Businesses Turning to Bitcoin to Dodge Banking Problems, Global Banking News, June 13, 2017 – via HighBeam (subscription required)
- John Stang (January 26, 2017), "Washington state legislators look to ban bitcoin in the pot business", GeekWire
- Hilary Bricken (February 16, 2017), "ICYMI In Washington State: The Hazy Future of BitCoin and Marijuana", Canna Law Blog, Harris Bricken Law Group
- "Pot-Friendly Bitcoin Startup Raises $1.5 Million - CoinDesk". CoinDesk. 2017-06-29. Retrieved 2017-10-09.