One of the fastest growing industries in the United States is the CBD space, which includes all businesses that are producing and marketing products based on the compound found in the cannabis flower. Still highly regulated and not legal in some states, these businesses have seen rapid growth and success through a broad variety of new products to help people and even pets.
However, success in this marketplace is not without challenges. And one of the biggest challenges is finding a reliable, trusted financial partner to help with the most basic of business needs – processing payments from customers and securely managing those receipts in a bank account. When looking at a broad variety of well-known sources, here’s how these news outlets categorize some top challenges for a CBD business in recent articles:
- Forbes – Financial services, advertising/marketing restrictions
- USA Today – Employer restrictions
- Wall Street Journal – Banks and auditors
And the list goes on. This new market is booming, and yet because of legacy perceptions and legal restrictions, there are numerous hurdles to clear when jumping into this market.
Selecting the right banking partner can go a long way to removing these barriers. CBD businesses should find a bank partner that not only will accept such accounts, but actually select a bank that FOCUSES on the unique needs of the CBD industry. A clear leader is the partnership from Esquire Bank and Transaction Services. Esquire Bank has been an innovator in the CBD market for over five years, with a market-leading Hemp/CBD program that includes deposit accounts and loan programs designed specifically for CBD businesses. Likewise, Transaction Services provides one of the most important services that drives business success … payment processing. With robust technology and market-leading customer service, Transaction Services has created unique payments solutions, including online e-commerce and virtual payment terminals, to help CBD businesses grow quickly.
Any new business and industry will always face challenges. With the CBD industry, it’s important to select the right banking partner. Learn more at trxservices.com/CBD.