BIDDEFORD, Maine, Sept. 14, 2019 /PRNewswire/ -- Like the majority of companies in the CBD product sales business, Casco Bay Hemp lost their credit card processing capabilities 4 months ago. The majority of businesses were using Elavon, who unfortunately stopped all hemp processing, leaving everyone in the lurch.
Starting September 1st, 2019 Casco Bay Hemp was accepted into the pilot program for Square's CBD/Hemp division, a quietly launched invite only beta testing program. Square has been closely watching the evolving public policies while continually striving to create new opportunities for clients. For every CBD business in the market, this is much needed and exciting News.
The introduction of the Federal Farm Bill the congressional intent was to deschedulize industrial hemp from the controlled substance list. It has been ironic that since its implementation, the amount of credit card processing being done worldwide has decreased. "It may be that adding a new set of laws into the industry ended up confusing the financial institutions even more. It's never easy to quickly wrap your head around new policies," says Eben Sumner president of Casco Bay Hemp. For every CBD business in the U.S. this couldn't have come any sooner.
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