Although the sale of CBD products was legalized through the Farm Bill last year by Donald Trump, it’s still difficult for Cannabis companies to find companies for their financial services. That includes being able to maintain bank accounts and process their customers’ credit cards.
So what is a CBD product company to do when selling product online? How to process payments? It appears Square is going to be a first company which will allow the payment for CBD products online.
Square’s entry into the CBD space comes as federal legislation to allow broader access to financial services for marijuana businesses is gaining momentum in Congress. More insights here:
This marks a major policy shift for Square, which previously banned CBD sales from its network. And it’s an early step toward potentially participating in the broader cannabis economy, which could become a growth driver in the future for payments companies like Square.
When will other financial platforms like Paypal & Stripe follow? As soon as the industry of selling products containing CBD or other Hemp products becomes large enough, it becomes a too large opportunity to longer ignore. With legislation changing, our expectations are that the financial companies will jump on the green weed opportunity!