It’s common to see CBD all over the news, online, and for sale in a variety of shops. While most shops are happy to accept cash, they are missing out on a host of sales by not having a CBD payment processor.
CBD-infused products reached nearly $80 million dollars in 2019 and are expected to reach $40 billion by 2025. If your company is branching out into selling CBD products, you not only have to deal with countless myths about CBD and how to take payments.
A credit card processor for CBD products opens your shop up to new customers and endless possibilities. Sadly, before you can make those sales, you have to deal with a variety of myths about CBD products.
Here are some of the most common myths you’ll run into and the truth behind them:
Myth #1: CBD Is Just a Placebo
There are some that believe that CBD hasn’t been proven to help with any health conditions. They are often meticulous in their language and say something about how CBD “might” be useful in treating specific conditions, but there there isn’t any real evidence. The idea that CBD has no proof that it’s helpful for anything is not true.
Epidiolex, a CBD-based medication to help with specific seizure disorders, was approved by the Food and Drug Administration. The FDA hasn’t approved a CBD-based medication since cannabis was classified as a Schedule 1 drug in 1970 (the same year, the U.S. government started organizing drugs into schedules). Even though Schedule 1 drugs typically have “no medical value,” the FDA saw compelling evidence to approve Epidiolex.
Not only does this prove that CBD has evidence that it holds real treatment value in clinical trials, but it also raises questions about CBD having a Schedule 1 status.
Myth #2: Since Cannabis CBD Is a Schedule 1 Drug, No One Can Conduct Research On It
While it’s true that research typically isn’t performed with Schedule 1 narcotics, CBD is an exception. A number of U.S. universities are being permitted to research the plant. That research is generally available for the public to review.
Columbia University did a study on the use of a CBD product as a treatment for glioblastoma, a cancerous brain tumor in adults. The typical treatment for glioblastoma involves surgery, radiotherapy, and chemotherapy.
The Columbia study showed that CBD products help to kill and weaken the cancerous cells without damaging healthy cells. Research isn’t complete on CBD applications for this kind of cancer, but the results are promising as a powerful treatment.
CBD Regulations Around the World
It’s also worth noting that countries outside of the USA have completed and are engaged in significant research around CBD. There have been numerous studies that show promising results as a therapeutic.
- United Kingdom: treating ulcerative colitis
- Italy: slowing the progress of colon cancer
- Brazil: reducing the anxiety around public speaking
Keep in mind that these studies do not suggest that CBD is a cure-all drug that will relieve patients from cancer and other ailments, but they do show that randomized, double-blind studies are happening around the world.
Myth #3: CBD Is Just Some Marketing Fad
The wellness industry is full of new products that are supposed to improve health, cure disease, and change the world. From tea tree oil to elderberry syrup, people are inundated with miracle cures that offer “uncountable benefits.” There may be some truth to the various wellness products on the market, but consumers are starting to get tired of the endless marketing plans around them.
Being Incisive Consumers
As CBD really starts to catch on, people see claims all the time about its ability. There’s no question that CBD is unnecessarily ending up in products where it has no positive effect. Just because people are using CBD oil in products without effect doesn’t mean there isn’t value to the product as a whole.
Ultimately, there may be some bogus claims out there from products that aren’t improved by CBD, but that doesn’t mean the entire industry is a scam. Consumers just need to take some time to separate fact from fiction when it comes to cannabidiol.
Myth #4: CBD Is Illegal
There is quite a bit of confusion about CBD. Cannabidiol CBD contains the same drug that makes marihuana and other drugs illegal at the federal level: tetrahydrocannabinol or THC. While some states have legalized marijuana for recreational or medical use, not all 50 states allow marijuana, which is still federally illegal.
Hemp and hemp products technically contain less than 0.3 percent THC. Marijuana contains more than 0.3 percent THC. A low dose of THC does not have the same mind-altering effects of THC as you find in marijuana.
The Growing Acceptance of CBD
After the 2018 Farm Bill, a controlled substances act, hemp and hemp-derived products are legal so long as they have low doses of THC. High-quality CBD that is made from hemp is federally legal. CBD that is made from marijuana plants contains high doses of THC and is thus illegal.
The bottom line is that the legality of a CBD depends on the amount of CBD and THC and your local laws. It can get confusing, but one of the biggest misconceptions around CBD is that it is completely illegal. Check your local and state laws to better understand the regulations in your area. Just remember that CBD made from industrial hemp that does not contain high doses of THC is perfectly legal at the federal level.
Myth #5: Businesses Only Take Cash for CBD
It’s true that many companies that sell products made from CBD stick to cash payments only. Some see this as proof that the CBD industry is shady, but the reality is that CBD is considered high-risk for merchant accounts. That means many businesses don’t believe that they can get approved for a credit card processor for CBD sellers. They stick to cash-only payments and miss out on tons of business in a modern, cashless world.
Find the Right High Risk Merchant Account for Your CBD Business
Thanks to companies like High Risk Pay, your company can get approved for a CBD payment processor. That means you can allow your customers to shop with alternative forms of payments, like credit or debit cards. You can even jump into the world of online sales and subscription services.
Retailers that work with High Risk Pay brag about a plethora of benefits: higher sales, happier customers, and more secure transactions.
If you’re looking to add more convenience for your customers while increasing your top line, give High Risk Pay a call today to learn about your options.