Payments processor Square announced on Thursday, October 3rd, that it is making its payment processing services available to businesses that sell CBD products.

“We believe everyone should be able to participate and thrive in the economy,” Square said in a blog post. “Today, we’re thrilled to launch our CBD early-access program, which allows businesses in the U.S. to sell CBD products on Square quickly, easily, and securely.”

In May, Square launched a modest invite-only pilot program to offer services to a small number of CBD sellers, which apparently went well and led to the new extensive rollout.

Why sell CBD with Square?

Fair and transparent pricing

Square provides everything you need to easily manage your CBD business, from payments to hardware, payroll, inventory management, and more. Everything works together seamlessly to give you a complete view of your entire business.

While hemp and its derivatives including CBD are federally legalized under the Farm Bill signed into law by President Trump in late 2018, many financial organizations have remained cautious of working with companies that sell CBD.

Meanwhile, the House of Representatives overwhelmingly approved a bill two weeks ago that would protect banks that work with state-legal marijuana businesses from being penalized by federal regulators.

The Senate version is uncertain to pass, but there are some indications it stands a good chance of getting to the President’s desk.

Senate Banking Committee Chairman Mike Crapo (R), who had long been doubtful of such a reform, now says he wants to schedule a vote in his panel by the end of the year.

Senate Majority Leader Mitch McConnell (R-KY), who championed hemp’s legalization but is not a fan of its “illicit cousin” marijuana, is likely happy about last-minute amendments to clarify that banks can service hemp businesses.

Are you a CBD brand in need of a merchant account. Here is your opportunity. Visit this link to get started with Square.

** Our intel informs us that the max monthly processing limit is capped at $125,000 a month.

Leave a Reply

Your email address will not be published.