Future for the businesses in cannabidiol (CBD) and wellness products looks promising in Europe due to growing interests and regulatory changes. Global market for CBD is estimated to reach 9.3 billion USD by 2025, which compares to an annual growth rate of 22.2% from 2019. This is an extraordinary rise in popularity referring to a golden future of CBD.
Mastercard, Visa, American Express, PayPal, Square, Stripe and Shopify all refused to process payments for CBD companies until 2019, which means you had to select an alternate payment option when you show up to a dispensary or try to place an order online. Regulatory status of CBD as food ingredient is recently developing around the world. Although it is still considered as high risk business, merchant are able to accept payments via debit and credit cards, provided by high risk payment processors [and acquirers] for CBD. And further possibilities are emerging into this space. Recent decisions by international organizations and European courts of justice have contributed to changes of assessment in qualifying CBD as a food or even a novel food. In October 2020, the European Commission announced its preliminary view on CBD.
PurePay Payments Limited, one of the emerging payment processors for high risk business from the UK, is as young and thriving company as the CBD industry itself. And we as a company think that the merchants in the CBD business has tremendous future ahead, and this industry just like cryptocurrency and e-commerce businesses may explode anytime soon. We as a high risk payment processing company have always been looking to improve our ways to assist our CBD merchants better than yesterday.