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Square Gives Payment Solutions to Cannabis Companies

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Square Digital Payment Solutions for Cannabis Companies

Last Thursday, October 3, 2019, Square Inc. announced its plans to provide payment processing services to cannabis retail companies. Square Inc. initially opened its digital payment solutions to CBD businesses as part of its beta program.

The payments processor company opened its services to a number of CBD businesses last May 2019. The warm reception urged the company to roll out its program to more businesses in the field. The initial roll-out allowed approximately 1,000 partners to use Square’s services on an invite-only basis.

Square’s partnership with businesses that sell CBD products aims to provide more accessible financial services to those in the industry. Under their programs, a variety of cannabis-based firms can bill their customers using different credit card companies. The list of services also includes hardware, inventory management, and payroll assistance.

Sivan Whitely, general counsel at the company, says the “purpose is economic empowerment, and we’re always looking for ways for people to thrive and participate in the economy. This is an industry that’s been underserved,” she added.

In one of their press statements released, Square sad “we believe everyone should be able to participate and thrive in the economy. Today, we’re thrilled to launch our CBD early-access program, which allows businesses in the U.S. to sell CBD products on Square quickly, easily, and securely.”

For products to qualify for selling from the Square platform, goods must contain less than 0.3% THC in compliance with the Farm Bill’s conditions.

The company’s decision to open its doors to the cannabis market stems from the continuous demand for marijuana products in the market. Based on the article released by Bloomberg, the legal marijuana industry is slated to make a whopping $13.8 billion next year. Come 2025, the market is expected to grow by a massive 24%.

Cannabis businesses who wish to take part in Square’s services will be charged 3.9% and 10 cents fee per transaction using a physical tap or swipe of a credit card. Meanwhile, online purchases will charge merchants with a 4.2% and 30 cents fee.

While the cost of placing products on the platform come with higher fees, these reportedly allow CBD brands to showcase their offerings on a much larger scale. In addition, Hudson Gaines-Ross of Plant People, a CBD brand, believes the fees allow companies to invest in different sectors necessary for success in the business, including digital strategies, hiring, and marketing ploys.

Cannabis & Technology

Holiday Marketing Tips for Cannabis Businesses

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Cannabis Businesses Marketing Tips

The holidays are just around the corner. And for most businesses – including cannabis dispensaries and companies – the holiday season is the most exciting time of the year. This is because family and friends are starting to buy their gifts in time for Christmas. For business owners, this article will help you implement proven effective cannabis marketing tips!

Cannabis businesses are not exempt from the holiday rush. As a matter of fact, apart from the renowned Hallmark holiday for cannabis-loving individuals, Christmas and the rest of the holiday season also provide ample profits for businesses. Many businesses ramp up their cannabis & CBD content to drive more traffic to their websites and their product offerings.

If you have a cannabis brand, now is the best time to launch your CBD oil products on the market. Apart from meeting the demand for cannabis also supplying consumers with a range of cannabis-infused products for Christmas. Wondering how you can take advantage of the holidays to effectively market cannabis products online? Check this list out.

Cannabis Holiday Marketing Tips

Use Eye-Catching Packaging

Let’s start with the appearance of your product packaging. Your product may be just as (or even more) effective and safe than other brands but with bland packaging, your items are sure to be overlooked. This is why it is important to use attention-grabbing designs.

To do this, you need to conceptualize a design that not only conveys the message you want to send but also sells your brand. Because it is Christmas, you might want to release your items in a packaging that shows the merriment of the season. From including season’s greetings to including images usually associated with the holiday, you can definitely have these themed designs on your packaging.

Ensure Freshness of CBD Products

When you market your products you want to make sure that you emphasize that what you are offering is fresh and safe to consume. Now, keep in mind that one of the most important aspects of marketing is ensuring that what you claim about the product is true.

So, make it a point to pick or develop a packaging technique that ensures that the items are completely sealed, preventing external factors from contaminating it. To let consumers know how fresh your product is, make it a point to include the manufacturing date on the label.

Properly Label All CBD Products

You also want to make sure that your products are properly labelled and this covers the compliance to regulations. Regulators find it important to have easily readable labels that immediately tells consumers that the product is infused with cannabinoids. Moreover, it is necessary to make sure that the packaging cannot be easily tampered with.

In the United States, state laws state that such products need to be inside child- and tamper-proof packaging. Moreover, you need to make sure that your labels clearly state that the items are CBD- or THC-infused, and with what percentage of both. Canada also has similar regulations. In fact, the country even has a standardized symbol to make sure that consumers know that the product they are about to buy is legitimate and compliant with related laws.

Green is In

In the current climate condition, many people are switching to green options. From reusable packaging to biodegradable ones, manufacturers and consumers are finding ways to minimize their contribution to climate change. Besides, what better way to celebrate the holidays than with products that are environment-friendly?

So, consider packing your cannabis and CBD products using green materials. You can opt for reusable jars and bottles, as well as biodegradable wrappers such as paper. If you also run your own dispensary, you can even establish a refill program that allows your customers to refill their reusable packaging, as long as this is legal in your location.

With the upcoming festivities, your cannabis business can definitely ride the tide not only of the holidays but also of the growing cannabis trend. With these marketing tips, you can leverage the season to boost your business, thus helping the cannabis industry.

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Cannabis & Technology

New Cannabinoids Discovered, One 30x More Potent Than THC

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New Cannabinoids Discovered

Cannabis is known to contain over one hundred chemical compounds and scientists continue to discover new ones.  We reported earlier this month the discovery of THC-free strain in Spain which will be available soon in the US. Now, the plant is found to have two newly discovered cannabinoids namely tetrahydrocannabiphorol (THCP) and cannabidiphorol (CBDP). Researchers posit that THCP can be 30 times stronger than tetrahydrocannabinol (THC), the psychoactive component of cannabis.

The two chemicals are similar to THC and cannabidiol (CBD) but with slight variations, said Health Europa. Both compounds are “characterized by a particular chemical structure that shares a side alkyl chain with five carbon atoms in a linear arrangement.” In short, the newly discovered compounds differ only by the length of the alkyl chain.

THC look-alike

In a study published on December 30, it was found that THCP connects with the same cannabinoid receptor that THC interacts with. The receptor, called CB1, receives the two similar compounds as both have at least three carbon rings that allow them to bind well.

The article says that the strongest physiological effect can be attained from a cannabinoid that has at least 8 carbon rings. Prior to the study, the most number of carbon rings naturally possessed by any cannabinoid is five.

With the discovery of THCP, which has seven carbon rings, researchers are suggesting that this could be the most potent cannabinoid as yet. To test this idea, the scientists applied THCP to a “makeshift receptor.” The result of the experiment showed that the newly discovered cousin of THC was able to bind 30 times more effectively and reliably that the psychoactive substance.

Regarding the potential psychotropic quality of the substance, researchers are yet to find out whether it has such properties. Moreover, the substance has not been tested for medicinal benefits.

CBDP, not as strong as THCP

The other newly discovered cannabinoid CBDP is also found to have seven carbon rings. However, when subjected to the same test as THCP, CBDP did not bind as strongly to receptors CB1 and CB2.

The two compounds are yet to be tested for pharmacological effects on humans. The study remarked that such studies can shed light on the yet unexplained pharmacological properties of some strains. Moreover, “the identification of THCP in other varieties could account for inexplicable effects not ascribable solely to THC.”

Meanwhile, the authors noted that CBDP “does not appear to be a high priority” compound.

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SpaceX to Bring Cannabis Delivery to Space, Observe Mutation

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SpaceX to Bring Cannabis Delivery to Space

Following the launch of Elon Musk’s SpaceX, an agricultural technology company called Front Range Biosciences looks to bring cannabis and coffee products to space on the 20th mission to the International Space Stations (ISS) come March 2020 to further scientific experiments. News of the impending scientific experiment comes partner firms expressed interest in the possible mutations of plants in space.

SpaceX and Cannabis Experiment

According to Newsweek, a number of cannabis strains and varieties will be handpicked and be brought to the ISS aboard the SpaceX. These cannabis varieties are said to only contain low levels of tetrahydrocannabinol (THC), also known as the psychoactive compound responsible for users getting ‘high’ and altering the user’s state of mind.

Approximately 480 strains and plant cultures will be brought to space. Newsweek states that these plants will all be housed in a specialized incubator that provides even and regulated temperature controls around the International Space Station. The incubator will remain billeted at the ISS for 30 days prior to returning on Earth and being examined by scientists and different institutions.

Coffee plants are also included in the list of plant cultures that are expected to be sent to the ISS, reveals the Rolling Stone.

Upon arriving on Earth, scientists will focus on assessing possible mutations or changes to the plants’ DNA. Factors that may affect such changes include the lack of gravity as well as the radiation in space, notes the Rolling Stone.

In a statement, co-founder and chief executive officer of Front Range Biosciences Jonathan Vaught said, “This is one of the first times anyone is researching the effects of microgravity and spaceflight on hemp and coffee cell cultures.” Vaught continues to say that “there is science to support the theory that plants in space experience mutations. This is an opportunity to see whether those mutations hold up once brought back to earth and if there are new commercial applications”. Until then, people can continue to buy edibles in Canada online.

SpaceX’s role in delivering these plant cell cultures to space remains significant, especially at a time where climate change has been changing the way plants grow.

SpaceCells chief executive officer Peter McCullagh mirrors the same sentiments. In a statement, McCullagh states that “these are big ideas we’re pursuing and there’s a massive opportunity to bring to market new plants that can better adapt to drought and cold conditions. We expect to prove through these and other missions that we can adapt the food supply to climate change.”

The initiative is done by SpaceCells and Front Range Biosciences in partnership with SpaceX, Musk’s technological and spacecraft manufacturing company.

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