ALPHARETTA, Georgia, May 11, 2021 - PRESS RELEASE – MerchantE, an end-to-end digital commerce platform, is now offering its payment processing services to the growing CBD market.
“We are expanding our merchant portfolio into markets that have had a difficult time finding support from a payment processor, and the CBD business is now a focus for us," said Mike Rouse, chief executive officer at MerchantE. “The CBD industry has grown rapidly in the past few years and is only expected to get larger. We’re looking forward to providing payment services to clients in this emerging industry."
The global cannabidiol (CBD) market was valued at $2.8 billion in 2020 and is estimated to grow to $13.4 billion by 2028, according to a February 2021 report from Grandview Research. This growth is being fueled by increasing demand for CBD-based health and wellness products and more favorable government regulation of CBD production and distribution.
MerchantE has partnered with Fresno First Bank to serve as the sponsor bank for CBD clients. The CBD market has traditionally been considered high-risk for payment processing, making it more difficult and more expensive for merchants to accept and manage credit and debit card transactions. MerchantE, working with Fresno First, is now able to provide more transparent, reliable and affordable payment processing to clients in this growing market. For more information about services available to the CBD market, please visit MerchantE.com/NewMarkets.