When asked about the reasons for the launching the new program, which comes after years of refusing to work with CBD companies, the spokesperson said that the company closely watches evolving public policies and strives to create new opportunities for clients.
Earlier this month, members of the National Association of Attorneys General, which represents the top law enforcement officials in each state, sent a similar letter endorsing the marijuana banking bill.
And last week, The National Association of State Treasurers adopted a resolution supporting a legislative fix, writing that “cash-based systems are inefficient, expensive, and opaque, making illicit activity more difficult to track and posing a significant risk to public safety by increasing the likelihood of violent crime.”
Payments processor Square announced on Thursday that it is making its payment processing services available to more businesses that sell CBD products.
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In May, Square launched a smaller invite-only pilot program to offer services to a small number of CBD sellers, which apparently went well and led to the new broader roll out.
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Although hemp and its derivatives including CBD were federally legalized under the Farm Bill signed into law by President Trump late last year, many financial institutions have remained wary of working with companies selling the cannabis compound.