Hemp: Another cash crop for merchants
Even after uncertainty around the cannabis legalization and decriminalization of its medical use in the United States, many businesses and corporations are trying to grab the lion’s share of this booming hemp oil industry. Since hemp seed oil and CBD oil belong to the same cannabis family, they are considered as the same thing. But actually, both are different products in cultivation, function, and application.
What is Hemp Oil?
Hemp seed oil, the distant cousin of CBD oil, is sourced from the Cannabis Sativa plant seed. The oil has anti-aging benefits. It helps in dealing with many skin problems like acne, sensitivity, rashes, eczema, and psoriasis. Additionally, it reduces cholesterol, improves the health of heart, and increases skin elasticity. Hemp stacks can be used in fibers, types of clothing, plastics, and biofuels.
Why does Hemp Oil consider a high-risk business?
Hemp oil production is considered as a high-risk business because of its association with the cannabis family. The cannabis is categorized under – Schedule I Drug- along with Heroin, LSD, and other illegal substances. This is the reason why most of the banks refrain from providing hemp oil merchant account solutions to its producers.
However, the industry is on the cusp of change – for the better reason probably. The US government is in the process of loosening its stand on cannabis products that includes Hemp oil. With the implementation of the Farm Bill Act of 2018, approximately 10 states have legalized hemp oil production. But still, many states have dilly-dallied stand, regarding the legalization of the oil.
How and why consider Canna’s Hemp Payment Processing Solutions?
With the background of operation in the high-risk industry for almost three decades, the Canna’s Hemp payment solution opens a plethora of possibilities for hemp oil producers. We are enabling merchants to acquire and maintain Hemp Credit Card Processing Solutions to make secure digital payments.
At Canna Group, your high-risk merchant account will function like a low-risk merchant processing account.
- Rates Starting at 3.97% including interchange W/ ZERO Transaction Fees
- 97.6% Approval Rate
- Fast Approvals
- 24-48 Hour Payouts (Most Banks)
- Lowest Rates due to 20+ Proven Bank Relationships
- Domestic and International Relationships
- 100% Digital Application
- Integration with most 3rd Party Gateways
- NO RESERVE (Start ups may be subject to 90 reserve)
We encourage all hemp merchants to have a brief conversation to get the approval process started.
Call us at 614-400-5909.