The CBD industry is rising at an exponential rate! According to manufacturers, CBD oil sales have tripled in the last three years, and this rate is expected to continue growing even more rapidly.
Cannabidiol, popularly known as CBD, is the non-intoxicating compound in the cannabis plant. Many have touted its medicinal and therapeutic benefits, and rigorous research has gone further to prove some of these claims.
However, this industry is poorly regulated, and it’s not a wonder to find varying CBD oil prices for the same quantity of CBD oil. Additionally, due to the explosive demand, you can find expensive or low-cost CBD oil depending on where you live.
So, how much does CBD oil cost, and what exactly causes the massive range in CBD oil pricing? That is what we’re about to explore here.
How Much Does CBD Oil Cost?
The CBD industry is a wild one, and it gets even wilder each day. CBD oil can be very expensive, and there are some good reasons for that. In the same market, you’ll also come across very cheap CBD oils, which you should steer clear of.
The topic of CBD oil pricing is unfortunately not as obvious as you may wish. This industry is largely unregulated, leaving the responsibility of quality and pricing in the unmonitored hands of manufactures.
Without any federal regulations on CBD oil production standards and advertising requirements, the industry becomes a hotbed for illegitimate manufacturers. Besides paying expensively for substandard products, you can also harm your health by buying cheap oils from an untrustworthy source. You must ensure that you only buy your products from a licensed and legitimate company.
CBD oil price depends on a variety of factors from potency, extraction method, and brand reputation to the purchase mode. One way to tell if you’re getting the bang that’s worth your buck is by researching and comparing your product quality, potency, and price with other company’s products.
Why Is CBD Oil So Expensive?
With any new wellness and potentially therapeutic product, high demand means increased prices. Statistics show that the CBD market could reach $20 billion in the next three years. That’s understandable because clinical trials and anecdotal reports have presented CBD as an all-natural plant extract with near-magical benefits. Hence, users are always willing to buy CBD oilat even the highest prices.
The process of CBD production is not a cheap one either. To produce high-quality CBD oils for consumers, manufactures must give undivided attention and invest hugely in growing, harvesting, extracting, and third partylab testing. This translates to high quality and expensive CBD oils.
Additionally, we’re living in an age of anxiety and stress, and CBD shrewdly fits into its perceived wellness benefits. As such, CBD has become a hot ticket for some companies to rip customers off their money with very expensive yet substandard products.
So, how do you know if you are getting value for your money in such a noisy market? The good news is that there are factors that you can consider to assess the value and price of your CBD oil.
Main Factors Affectingthe 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 top-shelf CBD oil. To avail safe and potent CBD, manufacturers must ensure that their hemp is organically grown, non-GMO, and free of pesticides and other contaminants.
Cultivating organic hemp is an expensive process, and the grower will need to invest both time and finances to ensure the highest quality yields. Premium and high-end CBD oils are extracted from this kind of hemp. When you buy CBD oil, you’ll want to research and find out how much the company is involved in growing its hemp.
2. Extraction Method
Numerous methods can be used to extract CBD oil, some safe and others unsafe. The safest methods of extracting CBD from hemp are relatively more expensive. Reputable companies prefer to invest in CO2 extraction to provide their consumers top-notch and safe CBD free from toxic contaminants.
On the other side, using hydrocarbon solvents to extract CBD from hemp is a risky process that can pollute and contaminate the product with toxic substances. Buying such CBD oil may be cheap, but it puts your health at risk.
3. Product Potency
The more potent the CBD oil is, the more the CBD price 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 effective the oil is in providing the desired results.
Less potent CBD oils barely provide any therapeutic benefits. However, due to the lack of regulations, you may find companies selling low potent CBD at very high prices. That’s why you need to research a company before you can buy their CBD oil.
4. Third-Party Lab Testing
This involves sending a sample of theproduct to an independent laboratory to test and analyze the potency, safety, and purity of their oil. The third-party testing process is relatively expensive, and that is translated into the cost of CBD oil.
When buying CBD oil, it’s important to ask the seller to provide you with their Certificate of Analysis (COA) to ensure the oil is safe and the quantity of their cannabinoids is as advertised in their labeling.
Many factors determine CBD oil cost. However, with the growing demand for CBD and the subsequent increase in supply, CBD prices will inevitably go down, and users will gain access to affordable CBD that will effectively meet their needs.