Payment service Square joins the business of CBD
Square is a fairly popular payment service for small businesses — odds are good that you’ve used them at a local coffee shop or food truck before. Like many payment services, they’ve stayed away from cannabis and CBD in the past. Because cannabis is still illegal at the federal level, many banks won’t support cannabis-related businesses (though there is legislation currently coming through Congress to make that happen). But now, Square has announced that it will be accepting CBD business, at least. Hemp is legal in the US, and so if vendors are selling hemp-derived CBD, Square will now take payments for them.
That’s good news for those CBD vendors (and good news for Square’s shareholders — the company’s stock was up on the news). We’ll likely see more “mainstream” companies accept CBD and cannabis in this way soon. As the US heads towards legalization, there will be more and more money to be made from selling CBD and cannabis, and so companies definitely have an incentive to get involved as early as possible. Obviously, no company wants to get caught selling or supporting an illegal drug, but the closer we get to legalization, the more companies will decide that the ground of the cannabis industry has stabilized enough for them to walk out on for themselves.