CBD businesses have been having trouble with payment processing on their websites. Credit card companies, such as Visa, notified CBD businesses that they will no longer be permitted to use the payment processor. In addition to payment processing, other challenges faced by CBD companies include maintaining bank accounts and receiving loans from financial institutions.
One company is moving to change things. Square, a payment processing platform, launched a new service for CBD businesses. A company spokesperson shared in an email with Forbes that
“Square is currently conducting an invite-only beta for some CBD products.”
The move seems to be in light of the changing policies concerning CBD. In any case, Squarely seems to have chosen the right time for its service.
During a hearing, Andy Barr discussed the struggles that businesses have been having when it comes to getting access to financial products. He stated during the hearing,
“I’ve had constituent businesses tell me that their access to financial products, specifically card services, have actually deteriorated since we descheduled industrial hemp in the Farm Bill. This obviously conflicts with congressional intent.”
Senators Ron Wyden and Mitch McConnel also sent letters to federal agencies requesting more guidance about financial service access for hemp businesses. The letter reads, in part,
“While some financial institutions have agreed to offer financial products to the growing hemp industry, many of them have not due to confusion over the legal status of hemp. However, as hemp is no longer a controlled substance, financial institutions should feel secure in engaging with this industry.”