Square Tells Businesses To Stop Selling Hemp And CBD Products In Light Of Upcoming Federal Ban
Key Takeaway
The popular point-of-sale and payments service Square says it will no longer allow CBD and other hemp-derived products to be sold on its platform, according to an email obtained by Marijuana Moment. The communication, sent to a business that uses Square, cited an upcoming change to federal law that will recriminalize many hemp products that
What This Means for Cannabis Businesses
Tax developments like this directly impact the bottom line for every cannabis operator. With Section 280E creating effective tax rates above 70% for many businesses, any shift in federal tax policy - whether through rescheduling, court rulings, or IRS guidance - can mean the difference between profitability and closure. Cannabis business owners should work closely with a specialized CPA to understand how these changes affect their specific situation.
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This analysis is based on reporting by Marijuana Moment. Read the original article. CannaBizGuide provides original commentary and analysis - this is not legal or tax advice.