Thrive Market’s credit card processing company has recently notified the online retailer to stop selling CBD. The eCommerce company was told to stop offering hemp- and CBD-based products. So, the retailer had no choice but to cease selling the products. What about you? Do you need a reliable and low cost CBD merchant account for your own business? To know where you can find one and learn more about the topic, just read this blog post.
Thrive Market StoppedSelling CBD
Thrive Market, an online natural grocer, is no more selling hemp-based and CBD products. The company was forced to remove from the eCommerce site it received notice from its payment processor concerning the sales.
In fact, Thrive isn’t the only company to do this.3rd party payment processorStripe has also dropped the U.S. Hemp Authority, a nonprofit organization.Square is starting to offer services to some hemp CBD clients, only this will be on an invite-only basis.
While Thrive is taking products off the market, Right On Brands is enlarging the number of products. The latter is going to open ENDO Wellness Centers in Texas to offer its full line of CBD-infused ENDO products.
Hemp products are now in a changing legal landscape. They’re currently banned only in Idaho and South Dakota. What’s more, they’re no longer on the list of Schedule 1 Controlled Substances. They were officially removed last year.
Cannabis, meanwhile, is still facing regulatory ambiguity. The point is that it’s legal to some extent in 2/3 of the country but continues to be illegal at the federal level.
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Based on the research by Consumer Reports, over 64 million Americans have tried CBD. 34% of those having participated in the survey told they’d obtained CBD products from a retail store. Another 27% had bought them from an online retailer.
Both companies, Thrive Market and Stripe, are following the steps that the FDA is taking regarding further regulations on the substance.Though Thrive is removing the products for now, the company still sees light at the end of the tunnel.
What about your own marijuana business? Where can you find the right payment processing services to grow your business successfully? Well, this is quite simple. You just need to turn to a reputable high risk processor that can get you the most secure and cheapest CBD merchant account without difficulty.
Overall, hemp-derived food and personal care products are still in a regulatory gray area as the Farm Bill deferred to the FDA (U.S. Food and Drug Administration)on how they should be treated. On May 31, the FDA organized a public hearing with the purpose of gathering information and comments concerning CBD regulation.
The U.S. Congress has received a proposition concerning legislative measures that’ll allow for cannabis banking. These are still under consideration.
To sum up, Los-Angeles based eCommerce company Thrive Market was obliged to cease selling all ofits hemp extracts and topicals. This was the demand of the company that was processing the company’s customer payments.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most reliable and cheapest CBD merchant account. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.