paypal for cbd oil

PayPal Bans British Retailer for Selling CBD Products

A British shop that sells bath bombs claims that PayPal has frozen its account because some of its aromatherapy products contain CBD.

Retailers are permitted to sell CBD-based products in the UK as long as they contain no more than 0.2% THC. Yet CBD remains illegal at a federal level in the USA and PayPal is an American company, so it has apparently decided to freeze the company’s merchant trader account.

Jane and Mike Wood, the owners of BonneBomb in Deal, Kent, said that PayPal’s decision has led to other payment providers freezing their accounts and affected card payments to their ecommerce platform. They also claim that eBay, another American company, has banned them from buying and selling all goods as a result of the CBD furor.

PayPal said the store is in breach of its acceptable use policy because it sells products with CBD in them. “It makes you feel dirty when they say that – you feel like you’re selling top shelf products,” said Jane Wood.

PayPal said it does not permit use of its platform for CBD sales, while eBay added that products containing CBD oil are prohibited because “there is no way to determine how much THC is in the product”.

Hemp-based CBD is now legal across the U.S. due to the Farm Bill, but cannabis-derived CBD remains illegal at a federal level. More than half of all states have legalized cannabis for medicinal purposes and many have also legalized it for recreational purposes, but they are at odds with the feds.

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American cannabis companies are therefore unable to access the banking system and they are largely reliant on cash payments. They are also unable to use providers like PayPal, but it is interesting to see companies outside of the U.S. prohibited from using its services too.

The global cannabis market is expected to reach $66.3 billion by 2025 and CBD is a major health craze, but PayPal could be shooting itself in the foot by banning companies that sell products containing it.

The owners of BonneBomb claim that PayPal still works with major health store chain Holland & Barrett, despite it selling CBD-based products, which has further fuelled their annoyance.

Martin Green

Martin Green is an experienced journalist with a strong focus on the cannabis, alcohol, and gambling industries. He is particularly interested in the political issues affecting the global marijuana trade, and he has a keen focus on regulation changes and legal topics. He holds a BA English Literature, MA Creative Writing and a National Qualification in Journalism diploma. He has worked in journalism since 2009 and written for a broad range of newspapers, business titles and magazines, including The Sun, The Metro, The Journal, Livestrong, Drinks Retailing News, Harpers, Sportsbook Review, Vital Football, Essex Live and Surrey Live.

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Martin Green is an experienced journalist with a strong focus on the cannabis, alcohol, and gambling industries. He is particularly interested in the political issues affecting the global marijuana trade, and he has a keen focus on regulation changes and legal topics. He holds a BA English Literature, MA Creative Writing and a National Qualification in Journalism diploma. He has worked in journalism since 2009 and written for a broad range of newspapers, business titles and magazines, including The Sun, The Metro, The Journal, Livestrong, Drinks Retailing News, Harpers, Sportsbook Review, Vital Football, Essex Live and Surrey Live.

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CBD Retailer Says PayPal Wrongfully Locked Its Accounts

By Sam Reisman (October 26, 2021, 6:45 PM EDT) — PayPal unlawfully shut off a Brooklyn retailer's accounts because its new line of CBD oil products violated the digital payment company's policy against the sale of drugs and other consumer risks, according to a lawsuit filed Monday in New York federal court.

According to the complaint, Friends NYC's eight-year relationship with PayPal Holdings Inc. came to an end last December when the payment company locked the retailer's accounts and put a hold on $9,000 in funds while it investigated a potential breach of its user agreement.

Attorneys for Friends NYC told Law360 that the retailer had attempted to resolve the matter.

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Paypal for cbd oil

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