COLORADO SPRINGS, Colo., May 10, 2019 /PRNewswire/ -- Merchant processor Fortress Payment Technologies recently notified all their e-Commerce customers selling CBD products that they would no longer be able to process Visa payments through their bank. Some of their merchants received less than eight hours of notice of these changes. This trend has been especially troubling and disruptive to the CBD/Hemp related businesses who have struggled to maintain access to consistent banking services.
Elavon, a subsidiary of U.S. Bank, began offering merchant services to hemp-derived CBD businesses a few months ago. Shortly after doing so, they abruptly halted payment processing for their CBD/Hemp related customers, leaving countless numbers of merchants scrambling to find replacement services. The next wave of Elavon service suspensions are schedule to take effect on May 15, 2019.
Early last month, Folium Biosciences launched, Folium Finance, an innovative full-service CBD/Hemp friendly financial eco-system and financial services platform designed to strategically remove these financial hurdles faced throughout the emerging CBD industry. These services currently are exclusive to only Folium Biosciences customers. In a continued effort to expand on the instant success of Folium Finance, later this month, Folium will announce the details surrounding a comprehensive outdoor crop insurance for hemp farmers around the world.
"With the stigmatisms cast on our customers and uncertainties levied by large financial institutions, we felt it was our responsibility, as the industry leader, to develop a stable CBD friendly financial eco-system for our customers," said Folium Biosciences CEO, Kashif Shan.
The Folium Finance consultative approach is designed to provide Folium's customers with tailored financial solutions that allows for a flexible and more informed decision within an ever-changing and fast-paced industry. Folium's Financial Engineers strategically assist clients to achieve profitable growth by resolving the critical business challenges associated with accessing sustainable merchant processing, financing and insurance services.
"We're excited to provide the hemp industry with the first CBD-centric financial solutions. Even with the pressures brought on by the uncertainty surrounding traditional institutional banking services, we continue to maintain the highest levels of compliance, standards, best practices and transparency with our banks and underwriters," added Shan.
Folium Biosciences is headquartered in Colorado Springs. They are the largest vertically-integrated producer, manufacturer, and global distributor of hemp derived phytocannabinoids. Folium is a B2B, bulk and wholesale supplier of hemp derived CBD 0.0% THC oil, CBD water-soluble technology, CBD 0.0% THC edibles, cosmeceuticals, active lifestyle, and CBD for animal health. Folium Biosciences continues to develop rare cannabinoid extraction and product formulation.