Business Cann reports it is a big blow for the UK sector as they were one of the few in the country that would accept CBD clients….
METRO Bank, one of the few institutions in the UK open to working with cannabis-related companies, is now closing its doors to the sector.
The bank, which became the first high street bank in over 100 years to open in the UK in 2010, has reportedly informed business accounts holders tied to the CBD industry that it will be closing their accounts.
According to sources speaking to BusinessCann, Metro Bank is closing ‘every account that’s in any way connected to the CBD sector’, and will cease providing any account holders with banking services moving forward.
Furthermore, according to a letter sent to one cannabis-related business, Metro Bank reportedly says it will respond to any requests for a status report on closed accounts with ‘no comment’.
Bank Refuses To Comment
Letters are understood to have been sent to account holders in the last half of December, informing them that the closures were due to happen within a week.
Metro Bank told BusinessCann that it did not want to comment publicly on the issue, but referred to its terms and conditions for business current account holders.
Read more. https://businesscann.com/industry-rocked-as-leading-uk-bank-shuts-its-doors-to-cannabis-businesses/
Source: https://cannabislaw.report/uks-metro-bank-will-no-longer-service-cbd-clients/
