Are you thinking of being a part of the CBD oil industry? Recently the use of cannabidiol hemp oil or CBD hemp oil has been growing in popularity.
For those who do not know much about this industry, CBD hemp oil, although taken from the hemp plant, is quite different from medical marijuana. That is because it has low THC. THC stands for tetrahydrocannabinol which is what makes medical marijuana psychoactive, so it does not cause anyone to be high but can still give a lot of health benefits.
If you want to take advantage of the growing market, understand that there are risks involved, especially when you want to attain a credit card. The three listed below are just some of the challenges you might face in the processing of a credit card for those in the CBD oil industry.
1. It is considered high-risk – getting a credit card can already be hard for some people, much more if you are a hemp business owner. This is because it is considered to be high-risk. This is despite the fact that the industry is predicted to be even bigger this year. If you are determined, make sure that your business is established so that banks or similar services are sure that you can be trusted and are able to pay for what you buy when using your credit card.
2. The government considers it illegal – you need to understand that under the federal law, possessing and using cannabis is actually illegal. This may be in conflict with the laws at the state level, where there are some locations that allow the use of marijuana for medical or recreational purposes. You need to do further research in order to find out exactly what the implications could be for you.
3. You need to be based in a state where the use of marijuana is legal – here’s one thing you should remember. The use of marijuana is not legal in all states. As of now, there are about 29 states, not including Guam, Puerto Rico and the District of Columbia, where you can use marijuana legally and if you plan to be in the CBD oil industry, you need to make sure that you are based in one of those 29 states.
It might seem hopeless when you think about it. Major banks and credit card companies such as Visa, Mastercard or American Express will most likely not approve your credit card application because of the industry you are in. But you should not lose hope as there are companies that recognize the significance of such industries and aim to help business owners with their credit card processing.
You can check out https://thesoutherninstitute.com/cbd-oil-merchant-processing/ if you are looking for someone who can assist you. The company has already helped many merchants who are in the CBD oil industry. So if you have a good, established business and you can show at least six months of processing, don’t hesitate to consult with them about how they can help you.
