CBD businesses face multiple obstacles, but one of the latest has to do with payment processing. Reportedly, many businesses recently received notification that they would no longer be permitted to accept Visa payments on their websites. The changes reportedly took place eight hours within receipt of notice.
One such specific instance was discussed in a PR Newswire article. Therein, merchant payment processor Fortress Payment Technologies was notified that their e-commerce customers would be unable to accept Visa payments through their bank where such customers sold CBD products. According to the article, this is a trend, and it has been especially difficult for CBD businesses looking to maintain consistent access to banking services. CBD businesses face such challenges due to federal prohibition of marijuana. Marijuana is illegal under federal law.
Folium Biosciences CBD Friendly Financial System
One platform is looking to resolve the issue. Called Folium Biosciences, this platform aims to provide services that will remove the financial hurdles. However, the services are only currently available to Folium Biosciences customers. The platform’s CEO Kashif Shan shared a statement in the article, stating “With the stigmatisms cast on our customers and uncertainties levied by large financial institutions, we felt it was our responsibility, as the industry leader, to develop a stable CBD friendly financial eco-system for our customers.”
He added, “We're excited to provide the hemp industry with the first CBD-centric financial solutions. Even with the pressures brought on by the uncertainty surrounding traditional institutional banking services, we continue to maintain the highest levels of compliance, standards, best practices and transparency with our banks and underwriters.”
All information is for general informational and educational purposes only. Nothing should be interpreted as legal or wellness advice.