Square Starts to Process Payments for CBD Companies

12:58 05/25/2019

A Forbes article has revealed this week that digital payments company Square  SQ  is launching a payment process service for the legal cannabis industry.

According to the article, which cited Square itself, the company is stepping in to help businesses in the sector that still struggle to access basic financial services.

“Square is currently conducting an invite-only beta for some CBD products,” a spokesperson for the company told Forbes via e-mail.

The spokesperson also added that Square pays attention to changing public policies and aims to find new opportunities for its customers as a result of them.

The pilot program to accept payments for select CBD products has been started and a spokesperson told Mashable that it is in 'invite-only beta.'

When asked about the reasons for the launching the new program, the Square spokesperson said that the company closely watches evolving public policies and strives to create new opportunities for clients.

For years Square had refused to work with CBD companies and tweeted last October, 'Thanks for checking in, but we're not able to support sales of CBD at this time.'

It was then in December that the company tweeted, 'Unfortunately, Square is currently unable to support the sale of these products. If Square becomes able to support businesses selling CBD, we will announce it.'

“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,” lawmakers wrote, according to Forbes. “However, as hemp is no longer a controlled substance, financial institutions should feel secure in engaging with this industry.”

It was last December that President Trump passed the Farm Bill which legalized hemp in the United States.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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