BLOG - PayPal & The CBD IndustryPosted by Calum Napier on
As some of you may have noticed, this weekend Wee stopped taking PayPal payments on www.weehemp.com. Wee have been dedicated to giving our customers the easiest way to purchasing our CBD products but unfortunately dated rules & regulations in the PayPal agreement (which states CBD as a narcotic at a federal level in The USA) have put a stop to this for now.
Since PayPal launched in 1999, it has become one of the most popular money transfer platforms in the world for all manner of products. So, why doesn’t our CBD and supplement site feature the option to pay via PayPal any more?
Like many other UK CBD businesses, Wee want to offer the easiest payment methods for our customers. However, PayPal policies mean that when you buy CBD products in the UK, it is not possible to use PayPal as a platform.
PayPal, due to American law, class all CBD cannabidiol products as a narcotic, which means that the platform does not accept the transactions of any hemp derived products.
The stance that PayPal has taken is very similar to the stance that it has with any transactions that include cannabis plants. This may come as a surprise; as anyone who uses our CBD products will know already, CBD oils or products, are very different to cannabis plants and are completely 100% legal.
Throughout the UK CBD industry, and worldwide, there have been reports of PayPal effectively freezing the funds and accounts of those who are found to be selling perfectly legal CBD products in the UK. This includes CBD oils, CBD vape liquids, CBD capsules, essentially anything that contains CBD in any form. There is no way to appeal this decision, with PayPal closing the accounts of those affected and in certain cases completely freezing business funds for a 180-day period...as Wee found out this weekend...
So, what does this mean for UK CBD retailers?
This has left numerous businesses unable to access the vital funds that they need to continue operating their business. In some of the worst cases, due to the lack of cash flow, some businesses have been forced to close. This risk of this is too high to accept PayPal as a payment processor and instead must find alternative methods.
Is this the end for CBD products purchased online?
Not even slightly! Wee will continuously monitor which payment options are available to businesses like our’s and use the most convenient. If, one day, PayPal change their terms and conditions, Wee will certainly be one of the first to re-offer PayPal as a payment option.
The Wee Hemp Team
- Tags: Alternative health, CBD, CBD oil, Europe, Frozen account, Hemp, Legal cannabis, News, Payment method, PayPal, The Wee Hemp Company, UK Cannabis
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Paypal uses legalscript.com as reference. Somebody should sue this company