The recent news that US CBD firm E1011 Labs is to start accepting crypto payments has underlined how important to each other the crypto and CBD industries should be.
Depending on which study you read, the global CBD oil and CBD consumer health market size are expected to reach somewhere between $12 – 13.5 billion by 2028, having been valued at $2.8 billion in 2020.
Both the crypto market and the CBD consumer market are similar in the sense that they are new, innovative, and somewhat unknown to many. Both markets are also disrupting long-standing institutions that have lost some trust from the general public. CBD, in many ways, is a direct response to the pharmaceutical industry and Big Pharma keeping marijuana and cannabis-derived products illegal. Meanwhile, the boom in crypto can be partly attributed to the failures and growing mistrust both of governments and banks.
The two, crypto and CBD, go hand in hand which is why it is not surprising to see more CBD companies embrace the crypto world. Even less surprising when you know of all the problems CBD companies have had with ‘reputable’ payment companies like PayPal. The payment giant’s policy states:
“As reflected in our Acceptable Use Policy, PayPal currently does not permit the use of our payments platform for the sale of products containing Cannabidiol (CBD)”
This despite the fact that in late 2018, the U.S. Farm Bill legalized CBD.
So, it is only natural that CBD companies would embrace crypto. E1011 Labs, a California-based CBD company launched in February 2020, has become the latest big-name CBD firm to start accepting cryptocurrency as a form of payment.
E1011 Labs, which last year launched elon, a state-of-the-art, low-temperature heating device and stem, premium hemp flower cartridges intended to be used with elon, is a leading direct to consumer store in the CBD space.
Having launched following five years of research, E1011 labs is embracing the crypto revolution with more expected to follow. Recess is another big CBD brand that has implemented Coinbase Commerce and with financial institutions and payment providers still slow in embracing the worldwide CBD revolution, there is no reason that low-fee digital currencies such as Litecoin will not become part of the mainstream payments system.
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