CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto
On December 8, the U.S.-based coffee firm that uses cannabidiol (CBD) in its product, Crazy Calm, launched a promotion that aims to send $5 per order to the charity EatBCH. The founder of Crazy Calm, Matt Aaron, also detailed that the startup wanted to leverage the payment processor Shopify but the company closed their account because they sell CBD infused goods. Aaron notes that bitcoin cash is quite helpful because of its censorship-resistant benefits by removing the middleman from the equation.
When CBD Businesses Suffer from Banking Censorship Crypto Comes to the Rescue
Over the last five years, cannabis and cannabidiol (CBD) products have become extremely popular. CBD products are a bit more mainstream because they are legal in most jurisdictions and they can help people suffering from anxiety and pain. In addition to this, CBD oils do not have the same psychoactivity that can be found in tetrahydrocannabinol (THC). The startup Crazy Calm uses CBD in its coffee products from a blend of organic, fair-trade coffee and CBD derived from organic compliant hemp.
Crazy Calm was founded by Bitcoin.com’s podcast host Matt Aaron and he’s been steadily preparing for offering CBD-infused coffee products. Of course, Aaron accepts BCH for his Crazy Calm coffee, but the startup attempted to utilize the payment processor Shopify in order to accept fiat as well. Shopify is not the only payment processor that gives CBD startups issues. Aaron told news.Bitcoin.com on Tuesday that it’s common for CBD companies to have banking issues in the U.S.
“The banking issue makes it very difficult to find a bank that’s willing to work with a CBD company even though CBD is legal in all 50 states due to the 2018 farm bill. Finding a credit card processor was even more difficult and we are grateful to both of them for accepting us.”
Highlighting the Power of Cryptocurrency
In order to drive more cryptocurrency spending, Aaron told news.Bitcoin.com that Crazy Calm offers a 10% discount on orders paid with cryptocurrency. Moreover, Crazy Calm is donating $5 per order to the well known food drive charity Eatbch. The charitable organization is one of the BCH community’s most popular nonprofits as it feeds people in Venezuela and South Sudan using BCH payments. The Crazy Calm team considers Eatbch “family,” Aaron remarked, explaining that the startup has committed to giving $5 in BCH to Eatbch for the first 100 orders for a few reasons. “[The first is] we love what Jose, Lizzie, John Bior and the entire Eatbch family does and it’s a great cause,” Aaron told news.Bitcoin.com. The podcast host added:
We want to highlight the power of cryptocurrency so we are offering 10% off to end users and wholesaler customers (stores like CBD vape shops) because of the uncertainty that we face. We could have banking and payment processing interruption at any moment.
Crazy Calm’s founder wholeheartedly believes that just like the wide variety of health benefits CBD offers, cryptocurrencies offer financial sovereignty from banks and third parties who don’t approve the medicine. Crazy Calm’s website highlights that the freeze-dried organic coffee infused with CBD gives a profound combination of “relaxing energy.” Since initiating the latest 10% offer with digital currencies, Aaron noted that three potential wholesale CBD shops have contacted Crazy Calm about the crypto discount.
What do you think about the issues companies like Crazy Calm face when selling products that contain CBD? Do you think digital currencies like bitcoin cash can help CBD merchants? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Crazy Calm, and Pixabay.
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.