Hemp Industry Headaches

Hemp Industry Headaches

thirty when the clock strikes midnight a major credit card processor will officially bow out of the CBD industry no longer offering payment services to them alabanza decision to sever those ties has left CBD companies scrambling to keep their online services afloat lex18 Sam Mike Valenti spoke to a business owner who says the move is perplexing and that’s the big story at 5:30 when elevon burst onto the CBD scene last fall bluegrass hemp oil owner Adrienne pollen AK was overjoyed there were few us-based merchants options at the time and the company’s fees were business friendly but the honeymoon was short-lived so we had a really healthy relationship with him so to see that our services were gonna be cut was quite surprising Elavon sent a letter last month to CBD companies across the country informing them they would be closing their processing accounts citing uncertainty about regulations in the industry Elavon executives decided that after May 15th they’d no longer processed CBD and hemp related transactions a move Paula nack found confounding given that the 2018 farm bill gave the hemp industry a boost it was legal in 2014 it was reiterated in 2018 they want to step further to remove it off the Controlled Substances list as well so to say that there are some regulatory issues we find quite troubling starting tomorrow customers and pollen act stores will have to pay by cash check or money order but at least half of the business’s sales are made online and for now those services are shut down when you cut down a significant part of our income that could be very detrimental to our employees and and to the jobs but Paula nak says they’ve been fighting for hem since 2014 and they’ll continue to do so burning the midnight oil in Lexington Mike Valenti lex18 news the office of Congressman Andy Barr also responded to the decision saying quote as a result of the 2018 farm bill hemp is a legal agricultural product what we’re seeing now are the growing pains of working through this process our office is gathering more information about the specific issue that businesses in our districts are facing we want to know if this is a decision based on pressure from regulators or if this is a business decision based on reputational risk concerns end quote earlier today the founder of cornbread hemp tweeted that Elavon has extended its deadline for his company to the end of May bluegrass hemp oil has not been granted that same extension elevon officials say they can’t comment at this time

One thought on “Hemp Industry Headaches”

  1. The SUCKING of CASH …OUT of the consumer "system". SNIFF
    CBD is ONE (exploited) USE of the Cannabis plant! What about ALL the uses? Food
    Fuel Fiber Energy Building Automotive ect.? Cannabis, still ZERO DEATH
    after 1000's for years of "use"! We call that DITCH WEED in Nebraska!

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