Things You Should Know About CBD Payment Processing In Nova Scotia
With the Cannabis Act, guidelines for this new industry have been set up to control the production furthermore, distribution of recreational cannabis. The federal government has assumed the part of dealing with the distribution and production of cannabis on a public level, surrendering it to every province to decide how cannabis will be sold and how stores will be worked. The provinces can set limitations around ownership limits, minimum purchasing age, cannabis use in broad daylight.
The standards for the production and offer of cannabis are set up governmentally and commonly, with severe rules and authorization set up to guarantee alert and obligation for cannabis retailers. It is essential that cannabis retailers guarantee age and buy limits are being met, particularly with regards to online deals.
Challenges for Cannabis Merchants
If you run a medical marijuana dispensary or recreational shops or both, then you might face challenges with merchant lenders, document preparation, credit repair, direct marketing, and some other aspects as well. Even though the government has legalized the substance, the federal government and major banks are still skeptical about cooperating with such business financially. Despite being a legal substance, most financial organizations consider CBD storefront dispensary, Cannabis delivery service, and online seller of CBD criminal operations.
While the companies often manage to earn profits, they lack an appropriate way to safeguard their profits. As a result, most dispensaries and retailers had to switch to cash-only payment modes. However, you don’t need to get stuck without an appropriate hemp payment processing channel. Banking for the cannabis industry is possible; you have to maneuver around the laws to avail secure CBD payment gateway.
Current Laws For Medical/Recreational Cannabis Payment Processing
At present, citizens of Nova Scotia can grow four plants of cannabis and transport up to 30 grams. of the substance. But retailers and dispensaries deal with a much more substantial amount and a variety of products. Luckily, you can set up a CBD oil merchant account or a CBD business account with the help of services like SiftPay.
Although the association of the financial institution is less as compared to the available options, the cannabis industry is still thriving.
As per federal law, cannabis still lies under the Cannabis Act. And that’s why major banks refuse to provide support and loans to the companies that deal with cannabis, especially without a secure CBD payment gateway or business account. Any federally regulated institution won’t intentionally get involved with a substance’s purchase or sale that is listed in the Cannabis Act and prohibited.
Know where you can use it and where you can’t
The smoke free Places Act applies to the use of flammable cannabis in public areas. You can be fined up to $2,000 for violation. Provinces may pass extra local laws that further limit the utilization of cannabis in public places. Some have, so know about local laws.
You can utilize cannabis in the premise of your own home. If you live on lease, your owner may make rules about cannabis smoking that form part of your rent.
Cannabis in any form can’t be utilized in vehicles by travelers or drivers. You might be fined up to $2,000 for use in a vehicle.
Get Transparent CBD Merchant Account With SiftPay
No matter if financial institutions deny your requests to avail of banking services and get help, there is one thing that you can do to improve your business processing. Get SiftPay to create a CBD oil merchant account so that you can accept payment in various ways, including credit and debit cards. Currently, most companies don’t use cards as cannabis transactions are prohibited in the branded card network.
It is apparent that the cannabis business also needs a convenient CBD payment gateway for accepting electronic payments. But there have been many cases of fake CBD online banking registration and fraud cannabis banking accounts.
Such activities can blacklist the merchants on TMF or MATCH database. The MATCH merchants won’t be able to get a legitimate merchant account.
If you are willing to improve your brand perception, then you need to set up reliable cannabis payment services. Having a shady CBD product payment processing system will only degrade your reputation in the industry. SiftPay has been providing debit solutions to the cannabis merchants and the entire CBD market to empower them.
The industries that are deemed high-risk business are:
Airlines, Vape/eCig/CBD, Adult entertainment, Agriculture, Alcohol, Accounting, Construction, Cryptocurrency, Financial services, Bad Credit, Dating Websites, Gambling, Insurance, Legal Services, Lending, Manufacturing, Mining, Newspaper Agencies, Liquor/Hard Alcohol Outlets, Auction Websites, Nutraceuticals, Real estate companies, Online Video Gaming, Fantasy Sports, Direct Response/Infomercials, Time Cancellation Services, Online Tobacco, Debt Consolidation, Electronics, Restaurants, Retail, Staffing, Transportation, Travel agencies, Trucking, Utilities, Wholesaling, Collection Agencies, Event Ticket Sales, Pharmacies (Retail), Educational Seminars/Leadership Coaching Centers, Ticket Brokers, Merchant lenders (short term loan financing), Loan Services, Direct Marketing/Multilevel Marketing (MLM) Agencies/Biz Opportunity, US-based online pharmacies, Adult, retail and streaming hubs, Online Firearms and Gun Sales, High Volume Merchants, Continuity/Subscription Merchant Accounts, Credit Repair/Collection Agency, Document Preparation Centers, High-Risk Processing, e-commerce and Credit Repair Companies, Tech Support, Software & E-books, Dropshipping, Foreign Exchange, Stock Exchange, Timeshare services, Weight Loss and Diet Programs, Payday Loans, Social media/ Gaming, Subscription Based Services, Telemedicine, Coaching Centers for Real Estate, Business, and Life, Medicinal/Recreational Marijuana Retailers, CRB Retailers, CBD, Hemp, and Cannabis Lab Testing Centers, Paraphernalia Processing Companies, and Membership Sites.
However, SiftPay also plans to cover various low risk industries including, Auto Repair, B2B, Business & Professional Services, Car Dealerships, Churches/Nonprofits, Contractors/Home Improvements, Coffee Shops/Cafes, C-Store/Independent Gas Stations, eCommerce, Fitness Studios & Gyms, Flooring, Grocery Stores, Legal Services, Liquor/Beer Stores, Lodging & Hospitality, Medical & Dental Offices, Pet Stores, Pharmacy & Drug Stores, Property Management, Restaurants & Bars, Salons & Spas, Schools, Universities & Educational Institutions, Veterinaries and more.
For establishing Canada-based online pharmacies that sell cannabis-based products like edibles, hemp, seeds, and other nutraceuticals, you need secure CBD business banking and account. SiftPay can help you with the cannabis payment services and get approval for setting up a new business payment model that can accept credit cards and debit cards.
This is an opportunity that most cannabis merchants have been waiting for to establish a good line of credit in the industry. Get rid of having to pay ATM maintenance fee and hiring armed guards to protect your assets as SiftPay will ease up such worries and increase your revenue with cashless programs.