The passage of the 2018 Farm Bill removed hemp from the list of controlled substances. Businesses that deal exclusively in hemp products, however, say there are still issues to contend with.
At the Kentucky CBD Farmacy in Nicholasville, it was business as usual until yesterday when Elavon, their credit card processor, stopped processing transactions with CBD businesses.
Robert Matheny, who works in the business, says: “A lot of companies have been warned about this. We kind of hoped we were flying under the radar, no, they shut it down just like everyone else.
This isn’t the first hurdle hemp-based products have faced, but Matheny hoped the passage of the latest farm bill would eliminate those issues.
“It really only affects businesses that primarily sell hemp products. CBD products and the like. Pharmacies that sell CBD, gas stations that sell CBD, all these other little shops that sell CBD can still accept cards. They can still process. They can still grow as a business. CBD companies can’t right now.”
However, Rep. Andy Barr appears to be behind the CBD companies. In Washington on Thursday, he made remarks about the hemp industry, saying, “It would be helpful to have a unified statement from all regulators clarifying that industrial hemp is different from marijuana. This is legal under federal and state law, and therefore these businesses must have access to financial services.
The owners at Kentucky CBD Farmacy say they have been in talks with other merchants to take over their credit card business, but that could take several months because many CBD businesses need a salesperson.