Square's top lawyer explains what's behind the company's push into the trendy CBD space
The company is opening up its platform to CBD sellers after it conducted a three-month, "invite-only" beta program for a small group of CBD startups starting in May,"We're just really excited to be able to offer this solution to a historically underserved industry that's faced so many challenges and interruptions to their businesses," Square's general counsel, Sivan Whiteley, said at a press event at the cleverly-named Manhattan CBD shop Come Back Daily.
Square is pushing into an industry in which there are not many ways for young companies to safely process payments, said Whiteley. Elavon, US Bank's payment-processing subsidiary, pulled out of the CBD industry in May over what the company said was the lack of clarity around CBD's legality in the US,Hemp-derived CBD — containing less than 0.3% THC, the chemical responsible for the "high" associated with marijuana — was legalized in December of last year through the Farm Bill.
Once Square put together a program on its due diligence process, Whiteley had to "shop it around" to its payment partners — credit card companies — to make sure that "everyone was on board.""That was an interesting experience because we saw how much demand there was outside of the beta for credit card processing," Whiteley said.
These payment processors charge upwards of 10% fees per transaction and often hold the funds for weeks, CBD sellers previously told Business Insider, whereas most non-cannabis related e-commerce businesses are charged in the 3% range and the funds are dispersed immediately.Square has started working with a select group of CBD startups while other payments rivals shy away from the trendy substance
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