One of the things that makes it difficult for any cannabis or CBD business to function is the lack of banking support. A solid merchant account is something that all businesses need, whatever the industry, but in the cannabis space finding one is a real challenge. Even though the 2018 Farm Bill made it legal to cultivate hemp on a federal level, and even though most states have legalized the cultivation and sales of cannabis and cannabis products to varying degrees, cannabis and CBD businesses are still having a hard time with banks and credit card companies. It makes the running of a legal, professional business difficult, if not impossible, which is why merchant account service providers, like InclusivePay, have come to the rescue.
The passing of the 2018 Farm Bill gave CBD exactly what it needed to soar. As a result, the CBD industry in 2019 has already experienced exponential growth. Data suggests the trend will continue in the years to come, with the CEO of ArcView Group, Tony Dayton, predicting that CBD product sales will climb to $20 billion by 2024. For CBD brands and businesses, both established and emerging, this can only mean one thing… heightened competition and less opportunity to control market share.
