Square (SQ) - Get Square, Inc. Class A Report has jumped into the CBD space by offering payment processing capabilities to CBD product sellers, a sticky issue for merchants as access to payment processing options for the industry are scant.
Square said that it will offer sellers consistent rates, clear pricing, one rate for every card type and no hidden fees.
"You can now use the payments provider millions of businesses depend on for your CBD business. Square is flexible, secure, and reliable," the company said.
Square will charge 4.2% plus 30 cents for card purchases made online and 3.9% plus 10 cents for in-person purchases. Keyed-in and card-on-file transactions will be charged 4.8% plus 15 cents per purchase.
Because cannabis remains illegal on the federal level, Square does specify that products under its program must be hemp-derived and contain less than 0.3% THC, the psychoactive ingredient in cannabis that gives users the "high" feeling.
Square shares were down 0.3% to $61.87 per share Friday morning.
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