I'm building a b2b marketplace for the legal cannabis industry. Will Square work with me?
Interesting question! I've checked with our legal team, and based on what you've described, I do not believe Square would be the right payments platform for you as your marketplace may violate our terms of service.
Here's how it breaks down:
Our terms of service states the following: "By creating a Square Account, you also confirm that you will not accept payments in connection with the following businesses or business activities: (1) any illegal activity or goods..." Currently, marijuana is still illegal under federal law, and federal and state laws are part of what we used to define "illegal activity or goods."
This is to say that the sale of Cannabis or "Marijuana" is still federally frowned on so Square says no to the plant, what about the supplies that can be used to use it? The goods are considered tangible personal property. It's important to be specific.
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