Accessing basic financial services has been a mirage for most corporations and agencies involved in the cannabis business. This is particularly more painful considering the fact that these financial services are easily available to businesses and brands in other industries and sectors. This challenge extends over to even those that sell products that consist of CBD derived from hemp that has already been legalized in the States through the Farm Bill. Lack of access to these basic financial services also includes the inability to have bank accounts and process the credit cards of their customers.

Square’s new initiative

The latter problem, which relates to the inability of cannabis brands and product sellers to process the credit cards of their clients, now seems to be an issue to be forgotten. This is because of the new initiative of the payment processing service called Square. Due to Square’s quietly launched pilot program, you can now easily find a solution to the problem. According to the spokesperson for the processing service, Square is presently involved in overseeing an invite-only beta for certain CBD products.

This initiative is quite an interesting one, especially when you consider the fact that it is coming after several years of the company’s refusal to work with companies in the CBD industry. Notably, the company was asked about the rationale behind the launch of the program. The spokesperson of Square responded that the company watches the changing public policies and, as such, tries to create fresh opportunities for customers.

The important thing here is that this secretly launched program by Square is coming at just the right time for all CBD brands and businesses. The entry of Square into the CBD terrain can even be described as a kind of federal legislation that guarantees better and wider access to basic financial services for cannabis businesses in gaining ground in Congress.

Reactions and responses

This initiative by Square has received lots of favorable reactions from everyone in the CBD industry. For instance, Morgan Fox, the director for media relations at the National Cannabis Industry Association, has commended the step taken by the payment processing service. According to him, the initiative is a forward-thinking one that is launched by one of the forward-thinking agencies. These agencies are doing well to fill the gap created by all the outdated federal policies on banking.

Furthermore, he was of the opinion that they are also helping to properly address the challenges posed by the lack of basic financial services in the cannabis sector. In addition, he stated that lawmakers should capitalize on this initiative by taking heed and opening the space to every financial institution.

This initiative by Square is one that promises to be the start of many more to come. It is only expected that a lot of other payment processing services will follow suit by opening more and better opportunities for the processing of CBD transactions. Therefore, the future is truly promising for this sector.