Shopify updates platform for CBD sellers in U.S.
In this Nov. 7, 2018, file photo, bottles of massage oil with cannabidiol (CBD) and tetrahydrocannabinol (THC), two natural compounds found in plants of the Cannabis genus, are displayed at the Far West Holistic Center dispensary in Detroit. (AP Photo/Carlos Osorio, File)
NEW YORK -- Shopify Inc. says its e-commerce and retail platform has been given new features to help U.S. merchants sell hemp and hemp-derived cannabidiol products where permitted by law.
The announcement follows last year's passage of U.S. federal legislation that removed hemp from the Controlled Substances Act, which still covers cannabis products.
Hemp may contain CBD, a compound with potential medicinal qualities, but without significant levels of THC -- a compound in cannabis that produces a high.
Shopify says the new features will help its clients tap into a growing regulated industry in the U.S. by providing tools for marketing, payments and shipping products.
The Ottawa-based company's platform is used by merchants in roughly 175 countries to set up and manage sales operations across multiple channels including mobile apps, online portals and physical store locations.
Shopify shares have more than doubled in value over the past year, but currently trade below their 52-week high of C$543.76, set Aug. 27. They were down $9.07 at $438.41 in early trading Tuesday.