Marijuana stocks are surging. US marijuana sales are anticipated to make up $50 billion on a yearly basis. Global spending on marijuana is expected to reach $150 billion per year. Legal marijuana sales are forecast to reach $200 billion in 15 years. On the other hand, CBD edibles are facing some opposition in the country. What plans do you have concerning your own business? Do you need a reliable CBD merchant account? If yes, keep on reading this post.
CBD Edibles Facing Opposition: CBD Merchant Account
Passage of the Agricultural Improvement Act of 2018, which is also called the “Farm Bill,” was a major victory for the help/hemp product commercialization, including CBD.
Food and dietary supplements made of cannabidiol or CBD had great success during the past few years. This became quite vivid especially after some states made the use of cannabis for medical or limited recreational purposes legal.
In February, the jurisdictions of Maine, Ohio, and New York City banned the sale of CBD-containing foods and beverages. The Ohio Department of Agriculture put an “embargo” on products with CBD.As for the FDA, Commissioner Scott Gottlieb stated that the agency’s approach to CBD added to food or contained in dietary supplements wasn’t changed.
On the other hand, taking into account the fact that cannabis is a new industry representing a new market potential, Facebook is taking measures to block content on cannabis from users under 21.
What about your CBD business? Have you got a secure and affordable CBD merchant account to start accepting payments online? If not, just turn to a reputable credit card processing company that specializes in the high-risk space and knows your business best of all. This is how you can be sure to enjoy the cheapest rates and the most secure payment processing solutions for your company.
Marijuana Industry: CBD Business in the US
The marijuana market continues to grow. After cannabis has been a taboo for decades, it’s now turned into a legal product in more than one place all around the globe.
Any analysis of hemp laws is still state-specific. So, it’s important for merchants to consult an attorney to get a better understanding of the FDA’s position on CBD. This way, you can be well aware of the prohibition of adding CBD to food or selling CBD as a dietary supplement.
According to New Frontier Data, a data analytics firm, worldwide hemp retail sales made up $3.7 billion last year, and are projected to be $5.7 billion by 2020. The research by the firm further shows that by 2022, US hemp sales will reach $2.6 billion, thus accounting for a compound annual growth rate (CAGR) of 27%. $1.3 billion from this will come from hemp-derived CBD products.
In the US, 33 states had given their approval to medical marijuana, and another 10 states allow adults to consume this type of marijuana. By the way, 2 out of 3 Americans support its legalization, as a survey by Gallup reveals.
Given all these changes and developments in the industry, it’s critical for CBD merchants to work with a true payment expert so to build the right growth strategy for your marijuana business.Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most secure and cheapest CBD merchant account in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.