“When a payment processor leaves, a business loses convenience. When a payroll provider leaves, people miss paychecks, and employer liability goes through the roof.”
By Leah Kollross, Roll With Paid
Last Thursday was the final deadline that Square gave its merchants to pull every single CBD and hemp-derived product out of their catalogs, online and in-store inventories, period. As Marijuana Moment previously reported, the company pointed to the upcoming federal redefinition of hemp as the main reason, and quietly took down a page that had once marketed its services to hemp beverage and edible sellers.
Most of the coverage has focused on the products themselves. The bigger story is what Square’s notice tells us about the financial plumbing underneath them, and what comes next for the industry. Point-of-sale was the first vital piece of infrastructure to go. Payroll is where it is going to really hurt.
We’ve Seen This All Before
As anyone who has worked in the state-legal marijuana industry knows, the pattern is a common one. In 2023, the largest payroll provider still willing to serve cannabis companies at the time suspended key services for the sector. By one industry estimate, more than 1,000 plant-touching businesses were left
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