The CBD Industry Is Growing Exponentially! According to the manufacturers, sales of CBD oil have tripled in the past three years, and that rate is expected to grow even faster.
Cannabidiol, popularly known as CBD, is the non-intoxicating compound found in the cannabis plant. Many have touted its medicinal and therapeutic benefits, and rigorous research has continued to prove some of these claims.
However, this industry is poorly regulated, and it’s no wonder to find different CBD oil prices for the same amount of CBD oil. Additionally, due to the explosive demand, you can find expensive or inexpensive CBD oil depending on where you live.
How much does CBD oil cost and what exactly is causing the huge price range for CBD oil? We want to explore that here.
How much does CBD oil cost?
The CBD industry is wild and getting wilder every day. CBD oil can be very expensive, and there are a few good reasons for that. In the same market, you will also come across very cheap CBD oils that you should stay away from.
The issue of CBD oil prices is unfortunately not as obvious as you might want it to be. This industry is largely unregulated, so the responsibility for quality and pricing rests in the uncontrolled hands of the manufacturers.
With no federal regulations on CBD oil production standards and advertising requirements, the industry is becoming a hotbed for illegitimate manufacturers. Not only can you pay dearly for substandard products, but you can also damage your health by buying cheap oils from an untrustworthy source. You need to make sure that you are only buying your products from a licensed and legitimate company.
CBD oil price depends on a variety of factors, from effectiveness, extraction method, and brand reputation to the mode of purchase. One way to determine if you’re getting the bang that is worth your money is to research and compare your product quality, effectiveness, and price with other companies’ products.
Why is CBD oil so expensive?
With every new wellness and potentially therapeutic product, high demand means rising prices. Statistics show that the CBD market could hit $ 20 billion in the next three years. This is understandable as clinical studies and anecdotal reports have presented CBD as an all-natural plant extract with near-magical benefits. Hence, users are always ready to buy CBD oil even at the highest prices.
The process of CBD production isn’t cheap either. To make high quality CBD oils for consumers, manufacturers need to pay undivided attention and invest heavily in third party cultivation, harvesting, extraction and laboratory testing. This leads to high quality and expensive CBD oils.
Additionally, we live in an age of anxiety and stress, and CBD neatly blends in with its perceived wellness benefits. As such, CBD has become a hot ticket for some companies to rip off customers with very expensive but inferior products.
So how do you know if you’re getting value for money in such a noisy market? The good news is that there are factors you can take into account in assessing the value and price of your CBD oil.
Main factors influencing the cost of CBD oil
1. Hemp quality
The basis of high quality CBD oil is the quality of its raw materials. High quality hemp plants produce premium CBD oil. To use CBD safely and effectively, manufacturers need to ensure that their hemp is organically grown, GMO-free, and free of pesticides and other contaminants.
Growing organic hemp is an expensive process and the grower must invest both time and money to ensure the highest quality yields. Premium and high-end CBD oils are obtained from this hemp variety. Anytime you buy CBD oil, do your research and find out how much the company is involved in growing hemp.
2. Extraction method
Numerous methods can be used to extract CBD oil, some of which are safe and some of which are unsafe. The safest methods of extracting CBD from hemp are relatively more expensive. Well-known companies prefer to invest in CO2 extraction in order to provide their consumers with premium and safe CBD with no toxic impurities.
On the other hand, using hydrocarbon solvents to extract CBD from hemp is a risky process that can pollute and contaminate the product with toxic substances. Buying such a CBD oil can be cheap, but it puts your health at risk.
3. Product strength
The more potent the CBD oil, the higher the price of CBD per mg and essentially the whole bottle. Potency is the amount or content of CBD per bottle. It is measured in milligrams and the more CBD content there is in a bottle, the more effectively the oil will deliver the results you want.
Less potent CBD oils offer few therapeutic benefits. However, due to a lack of regulation, you can find companies selling low potency CBD at very high prices. This is why you need to research a company before you can buy their CBD oil.
4. Third party laboratory tests
This involves sending a sample of the product to an independent laboratory to test and analyze the effectiveness, safety, and purity of your oil. The third-party testing process is relatively expensive, which is reflected in the cost of CBD oil.
When purchasing CBD oil, it is important to ask the seller to provide you with their Certificate of Analysis (COA) to ensure that the oil is safe and that the amount of its cannabinoids is what is stated on the label.
Many factors determine the cost of CBD oil. However, with the growing demand for CBD and the subsequent surge in supply, CBD prices will inevitably fall and users will gain access to affordable CBD that will effectively meet their needs.