Cannabis Merchant Account Crackdown
President Trump and Attorney General Jeff Sessions completely scared off financial service providers. Major companies like Paypal, Square, and Stripe purged companies selling ancillary marijuana products around January and February earlier this year.
Entrepreneurs speculate that this happened because Trump’s brilliant idea of suggesting that the feds regulate recreational pot even more, and AG Jeff Sessions referred to the legal cannabis industry as “violent”. Using menacing language like this rocked the boat, and as a result businesses that sell CBD products, software, and even vaporizers were affected. Payment processors basically kicked them out as customers.
According to an article on Inc.com, Shanel Lindsay of Boston startup Ardent which produces a decarboxylating device used to cook cannabis flowers, was kicked out of Square, Stripe, PayPal, and at least 4 other online financial services. As a result she missed three weeks’ worth of sales since she had to wait to be approved by offshore financial providers during the first two months of Trump’s administration.
- Citadel EFT, Inc. (CDFT) Comments on Legal Marijuana Merchant Account, Credit Card Processing, Payments and Banking Solutionswww.cnbc.comMarch 7, 2014
- How Do You Get a CBD or Cannabis Based Merchant Accountcannabis.net
- Tired of Having Your Merchant Account Shut Down | Marijuanawww.marijuana.comJune 28, 2012
- Instant Merchant Account/Processing Solutions Available for Your business | CannaSOScannasos.com