Business Banking for CBD companies

A quick guide to finding suitable business banking for UK cannabis companies

Business Banking account for CBD business

In recent years the CBD industry has experienced huge growth worldwide, particularly here in the UK where the health benefits have been widely reported. High street brands now stock CBD products pathing the way for start-ups in both retail and wholesale businesses nationwide.

Despite cannabis not being legalised here yet, the sale of CBD products is proving to be a profitable trade. Finding suitable business banking for CBD businesses can be tricky, with lots of high street banks wanting to avoid the controversial products until further studies have been carried out. Here, we will look at tips to help businesses secure suitable banking.

 

Declined business banking application for CBD companies

For many, the first port of call when starting a company is to approach their existing bank to apply for business services, including banking and card processing. CBD can be a little different, with mainstream and high street banks declining account applications from businesses who wish to sell CBD. The reason behind this is some banks believe the products to be deemed ‘high-risk’ as they are still relatively new, with little long-term research surrounding them.

Setting up business banking for CBD business

Despite some banks and building societies declining business bank account applications from CBD companies, others are happy to set services up. Applying to smaller banks or online business bank account providers can increase the chances of passing the application process and eventually going live.

How to find business banking for CBD

Before submitting an application, it’s important to understand the business requirements and documentation needed to increase the likelihood of the application being accepted;

 

  • Products must contain no more than 0.2% THC
  • Documented proof of where the wholesale products have been purchased from
  • Business must be registered prior to application
  • ID
  • Proof of address for business owners

 

Packaging your application correctly can make the difference between your account being approved quickly and delays meaning going back and forth providing additional paperwork.

How quickly can you set up business banking for CBD?

As discussed, providing all the correct paperwork on application will increase the chances of your account going live quickly. With some providers the account could be up and running within 24hours. If you require banking quickly, it’s worth discussing timeframes with the bank or broker prior to application.

APPLY FOR CBD BUSINESS BANKING HERE

How much does business banking cost?

The costs of business banking can vary, depending on the provider. Ordinarily, you can expect to pay a small application fee, coupled with a monthly service charge. Individual transactions are then charged separately. Before applying, ensure you review all costs involved to make sure you’re comfortable with the fees.

Finding CBD banking alternatives

If you have been declined by your existing bank provider or have been served notice meaning you’re searching for alternative banking solutions Merchant Advice Service can help. Our banking partners can offer long term business banking for CBD businesses.  Speak to our experts today.

 

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Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

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