Shopify Agrees To Hemp-Derived CBD Sales

Leading e-commerce platform Shopify Inc. (NYSE:SHOP)(TSX:SHOP) has finally opened its internet doors to hemp-derived Cannabidiol or CBD. The company announced new features on its platform to help U.S. merchants sell these products online or in brick-and-mortar retail locations, as long as that state permits such sales.

“Shopify has unmatched expertise in emerging industries, along with the resources merchants need to be successful in the fast-growing market of hemp-derived CBD products in the U.S.,” said Harley Finkelstein, Chief Operating Officer, Shopify. “Shopify’s reliable technology and extensive partner network means that businesses can ride the wave of demand for these products and give consumers more choice.”

Shopify mentioned two CBD companies in the press release. Josie Maran and Cannuka will be able to sell hemp-derived CBD products as a result of the new features.. “This is an exciting time for the CBD skincare industry. Consumers are eager to connect with us and try our Skin Dope products. Until recently, we didn’t have a simple solution to manage and sell our CBD Oil and Hemp Seed Oil assortment online,” said Roger Wason, Director of eCommerce for Josie Maran Cosmetics. “Shopify has helped us focus more on our relationships with our consumers and growing our business.”

Pixel Union is a company that has been working with CBD merchants and note don its website that even though Shopify has now opened its doors, that doesn’t mean the payment systems are all available as well. “Shopify merchants still cannot use Shopify payment gateways, however, the e-commerce leader has partnered with Authorize.netDigiPay, and eMerchant Brokers to provide seamless payment gateways for merchants to use.”

“In the last decade, e-commerce has grown 15% every year, yet it only represents 10% of total retail sales in the US. Pair that with legal CBD related products in the US being valued at $14.7 billion in 2019 and access to a proven platform like Shopify, I’m predicting unprecedented growth in 2020. We look forward to working alongside Shopify in helping merchants sell more,” says Pixel Union CEO, Ben Moore.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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