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Welcome to the Hemp Economics board. This thread is to discuss all things money related including hemp and cannabis related investments, pricing trends, cost of inputs and prices farmers, processors and consumers can expect to pay. Cryptocurrency discussion also welcome here. There is so much to learn with the cannabis industry at its peak so let’s create a knowledge-base here that can help beginners and experts in the field.
I am not sure this is the appropriate forum for this but here goes. I am looking into opening a small business selling cbd topicals. I will definitely list here on Hempmarketplace but am looking into opening an e-commerce store as well. Any suggestions on best venue for this. Is shopify allowing CBD products to be sold and if so what is the payment processing landscape looking like.
Thanks for any thoughts or insights you might have.
The e-commerce platform you use is wide open. However finding reliable payment processing is still a challenge. I use Green.Money an echeck processor that works very well and does not charge too much. But it is an e-check payment option and not a credit card processor. I have tried and been kicked off all the main ones including PayPay, Square, Stripe, Amazon Pay, and Elevon so right now you might need to use an offshore option until the US Banks get it together later this year. – Zev
You just confirmed where my research seems to be leading. Time to go get a passport. Hopefully the US banking system gets this figured out soon.
Have a great week!
I am sure I will be back with more questions soon.
I had big banks shut my accounts down when they caught wind of dealing in farming hemp but a local credit union welcomed the business, embraced the fact that hemp is legal under the farm bill and extended a loan for the farming side of the operations. Maybe check out the small local branches as well as the international.
I have some friends that are selling CBD online and they don’t seem to be running into any issues… yet (knock on wood).
I have used cryptocurrency and still do for some transactions but the prices of some cryptocurrency are so volatile you can lose 5-7% in a transaction. But it is super fast, borderless and operates 24/7 (no holidays/weekends). If you go this route, look into stable coins like USDC and Dai.
Thanks for the info and more importantly, the encouragement. I haven’t launched my business yet, just trying to gather as much information as I can. It can be a bit overwhelming at times. I really appreciate you taking the time to respond to this post.