Square, the California-based payments firm, has found its way to the nascent CBD market, handling credit card transactions for a number of startups in the space, Business Insider reported.
The market around CBD, an oil derived from cannabis with soothing properties, is exploding, but firms in the space have struggled to establish relationships with payment processors. Square is currently working with the startups as part of a trial, which Square described to BI as "an invite-only beta." As BI noted, there is a lack of clarity around the legality of CBD in the U.S., a reason for other payments firms to keep out of the market.
Still, Square is known to make moves in markets with murky regulations. It is also a big player in bitcoin markets via its Venmo rival, Cash App, which allows users to buy and sell bitcoin. It also recently announced the launch of Square Crypto, an independent unit working on projects to advance bitcoin.
Jack Dorsey, CEO of Square, is a noted bitcoin advocate, who has said he thinks the crypto will one day be the world's single currency. Dorsey didn't respond to a Twitter DM requesting comment at the time of publication.