Wall Street’s top cannabis analyst expects CBD, or cannabidiol, sales to account for about $80 billion in the U.S. by 2030. Are you interested in selling CBD on Shopify? Who can help you with Square recurring payments?
CBD containing less than 0.3% THC is federally legal. This means that the Drug Enforcement Agency (DEA) imposes no controls on CBD sales. Now, the Food and Drug Administration (FDA) has taken the responsibility for the sales of these products.
When it comes to CBD products extracted from marijuana having a THC concentration of more than 0.3%, these aren’t legal under the Controlled Substances Act. The thing is that the Drug Enforcement Administration has tabbed marijuana as a Schedule I drug.
How to Sell CBD on Shopify
The U.S. CBD market is forecast to make up $16 billion by 2025. eCommerce sales of CBD are growing. What should you do to successfully sell CBD products on a Shopify CBD store?
- Federal and State Laws and FDA
When opening a CBD store on Shopify (or on another eCommerce platform), you must comply with federal and state laws. As of July 2020, Shopify allows legal sales of CBD products on its website if they’re hemp-derived in 41 states, including Alabama, California, Georgia, Kentucky, and Massachusetts. Moreover, you must follow updates from the Food and Drug Administration when starting your CBD store.
- Payment Service
The next step is to choose and apply for a third-party payment gateway. The thing is that you can’t use Shopify Payments for hemp or CBD products. Overall, choosing the right payment service for eCommerce transactions is one of the most important issues.
Thankfully, there are reputable payment specialists that can help you with merchant processing services, including Square recurring payments, so you can avoid problems with CBD payment processing.
- Customer Notifications
Now, you need to set up email-only customer notifications so your customers can get notified about orders and shipping of their products. Only CBD-related notifications by email are available for products and shops.
- Selling on the Same Store
You can use the same store for selling hemp and/or hemp-derived CBD and other products if the payment gateway allows the sale of hemp and/or hemp-derived CBD products.
After having determined where you can sell your products, you can set your shipping zones to ship the products.
In recent years, CBD eCommerce sales have grown in popularity. To sell CBD on Shopify, you need to take certain steps. To get help with CBD payment processing, work with a payment expert in the high risk field.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.