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December 1, 2021Blog Posts

OLB Group Acquires CBD Merchant Portfolio with Annual Transaction Volume Over $400 Million

Business Wire

The OLB Group, Inc. (NASDAQ: OLB), a diversified fintech merchant services provider and Bitcoin mining enterprise, today announced it has entered into a definitive agreement to acquire a portfolio of cannabidiol (CBD) merchants that will utilize the company’s SecurePay Payment Gateway to process payments. The acquired merchant portfolio has demonstrated a historical annual transaction run rate where it is anticipated to achieve an annual transaction volume of approximately $400 million in 2022, providing OLB with a significant foothold in the nearly $3 billion global CBD market while adding an accomplished and experienced sales channel to the OLB team. The OLB Group anticipates, based on the historical performance of the group of merchants, an additional $20 million in annual revenue and $5 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the company’s payment processing business. Terms of the transaction can be found in the Company’s SEC filing https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390021062606/ea151441-8k_theolbgroup.htm.

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