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Recently, the prices of CBD oil hit a historical low, yet nobody is talking about it. This article dug through the archives of cannabinoid prices to reveal major changes, discovered the events which led to these changes, while making an attempt to predict the future of CBD product pricing.
In the beginning
The First Mainstream CBD Product.
The Prices of CBD oil are 88% Less Expensive Today Than in 2012
Obviously, the 2019 tincture costs $20 more, but it’s twice the size and contains 5x more CBD by volume. So, we can’t just look at the overall price tag.
In order to compare accurately the price of CBD products, one must calculate the costs per milligram of CBD. You know exactly what you’re paying for the CBD content this way, which is what we care about.
Breaking the price down, it’s 11¢ per milligram of CBD in 2019 against 90¢ in 2012.
We took the product’s price and divided it by the total amount of CBD, to get those numbers.
You Get What You Paid For
This is the best time to say, “You get what you paid for”, with CBD oil prices.
Although the price of CBD products has dropped significantly in recent years, this doesn’t mean everyone should be looking for the cheapest option possible. It’s normal to compare prices, but always be wary of abnormally cheap prices.
The raw hemp extract used in the making of CBD products is not inexpensive for business to make or purchase. Therefore, when a product costs less than even that raw material they claim is in the product, something is wrong. Either it contains no CBD in it, or it is produced with CBD isolate. There is nothing bad about Isolate, but when you are specifically shopping for a full-spectrum CBD oil product, a misleading labeling can be very frustrating.
While comparing oil prices, always protect yourself from snake oil by asking for a certificate of analysis (COA) and enquiring where the hemp oil is sourced from.
If it’s sourced from outside the country, take the extra step of asking for a third party lab test of the hemp oil. This should prove that there are no pesticides or heavy metals.
Snake oil products can look very convincing on a website. Nevertheless, once you start asking the manufacturer questions, you can quickly sniff out a sketchy company.
CBD is still a very new supplement. Eventually, it will become much more regulated. Until then, stick to a reputable company or do your due diligence to inspect a CBD product before buying.
Why CBD Have Prices Gone Down, While Demand Has Gone Up?
The major reason CBD saw such a huge drop in price is thanks to the 2014 and 2018 Farm Bills, which opened the doors for farmers in the United States to grow hemp. CBD had to be sourced from hemp grown in other countries before the Bills were passed.
Some companies source from Europe, where growing standards are very top-notch and organic. The quality is described as excellent, especially when compared to cheap hemp from China that never seems to test well, be it contaminants or lower than advertised CBD content.
As hemp grown in the U.S. becomes more readily available, it is an obvious switch for CBD manufacturers. Not only is the quality fantastic and reliable, it is also cheaper than sourcing from Europe since you will be skipping the expensive import fees.
Future CBD Price Prediction
Price Isn’t All That’s Changed
The legality of CBD remained unclear in the early days because the law wasn’t written clearly enough to draw a line between hemp and marijuana. That being said, it was readily available for purchase on major e-commerce sites, like Amazon and eBay. There were no rules against CBD because nobody knew what it was.
Today, everyone has heard about CBD and the law surrounding it has been cleared up. Still, it’s now that there exist rules against CBD on major e-commerce websites, social media, and banking solutions.
In all fairness, so many things have happened in between. The early days of CBD’s popularity spike saw companies and law enforcement freaking out because they weren’t educated on the differences and similarities between hemp and marijuana, and in turn, CBD and THC.
In the next couple of years, companies are expected to become more educated on CBD laws and remove CBD from their list of banned substances. For this to happen education is key, and the hemp industry is on the right track to make a comeback for CBD which will make it a staple product in homes and offices.