Problems Between Banks and CBD Stores

Problems Between Banks and CBD Stores: The Experience of Iberohemp CBD

In the world of CBD, one of the most significant challenges we face at Iberohemp CBD is not directly related to cultivation or product quality, but to banking and payment services. This issue extends to many businesses in the sector, including grow shops and CBD shops, and is based on the legal policy of banks and payment gateways.

The Challenge of Differentiating Between CBD and THC

Many banks and payment services, including popular platforms like PayPal or Alipay, have strict policies that prohibit the sale of cannabis. This approach generally does not distinguish between CBD, a non-psychoactive compound derived from cannabis, and THC, the psychoactive compound known for its "euphoric" effects. This lack of differentiation causes significant problems for CBD stores like ours, as we are prevented from using these conventional payment services.

The Search for Alternative Payment Solutions

Faced with this situation, CBD businesses are forced to look for alternatives. Foreign payment services like PayGreen or Clearhaus emerge as viable solutions, although they are often more expensive. These services offer the advantage of specifically admitting the sale of CBD and cannabis seeds, making them ideal for our industry.

The Impact on Operability and Costs

This restriction in payment service options not only limits our ability to operate efficiently but also increases our operating costs. The higher fees of these alternative payment gateways can have a significant impact on profit margin, a reality that many businesses in the sector, including Iberohemp CBD, must carefully manage.

The Importance of Education and Awareness

Part of our mission at Iberohemp CBD is to educate both consumers and financial entities about the nature and benefits of CBD. Through awareness and education, we hope to influence a change in the policies of banks and payment services, advocating for a more nuanced approach that recognizes the difference between CBD and THC.

Towards a More Inclusive Future

At Iberohemp CBD, we remain committed to finding solutions and advocating for a more favorable environment for the CBD industry. We believe that with continued time and effort in education and dialogue, we will see positive changes in how financial services interact with our industry.

This challenging landscape has not diminished our commitment to the quality and accessibility of CBD. We continue to work tirelessly to ensure that our products are accessible to our customers, despite the obstacles along the way.