In the last few years, CBD oil has found its way into mainstream consciousness, and as a result, it is flourishing, with tons of companies working to meet increased demand for this compound. Fans also claim that there are many benefits from using CBD oil, such as helping people manage pain better than other medications or supplements they have tried before.
CBD oil has many benefits, such as increased relaxation and the reduction of body aches. But one might ask, “Why is it so expensive?” This article discusses some key points to keep in mind when considering CBD prices. Let’s get started!
Why is the price of CBD so high?
As the market for CBD continues to grow, so too does its value. According to Baum’s research, several factors drive this dynamic, including limited supply versus overwhelming demand and potential legislative changes at state and federal levels.
This imbalance is because hemp farming was generally illegal until December 20, 2018, when President Donald Trump signed The Farm Bill of 2018. Before then, only a few states had permitted research cannabis growth, and it has always been forbidden federally. This bill authorized ‘industrial hemp,’ which refers to marijuana with about 3 out 1000 THC levels instead of more psychoactive elements present in recreational weed.
Even though we are just now in the first entire growing season for new crops, there is an absence of well-structured hemp farming guidelines issued by the United States Department of Agriculture. States without a hemp farming guideline must implement that issued by the federal authorities. The demand for natural health remedies is on the rise. A product with immense potential that has been used therapeutically since 400 AD and doesn’t have any recorded cases of overdose or death will get a lot of attention from buyers.
Is there a chance that the price will come down with time?
The growing demand for natural treatments from consumers is increasingly making CBD more relevant. The National Library of Medicine reported that the first use of hemp was to treat ailments in 400 AD and has never been linked with misuse or death, which makes it appealing to the consumer. With legalization comes a transition into using hemp across states as farmers look at replacing tobacco crops with something new. Since its cash crop potential appeals greatly to consumers looking for healthful products, the price will likely come down soon. Another factor is the limited availability and expensive process for extracting it from hemp biomass. Currently, there are only a few processors equipped with extraction technology, so this bottleneck has led to an increased price per kilogram and low output in terms of total kilograms produced annually.
The laws of demand and supply are working to balance up the equation. Many new investors are becoming extraction providers and are fast entering the market, reducing extraction costs and increasing competition a few years from now. According to Baum, there should be an equilibrium of demand and supply in the CBD market within two or three years. This will lead to lower-priced products as well.
How do I know if I am underpaying or overpaying for a CBD Product:
CBD oil has been touted as a great product, but some products out there are not good. This is because:
Some CBD Products are Secretly Marketed:
Due to the lack of regulation in online CBD sales, consumers must be wary when purchasing products. Some retailers have been known for misrepresenting some oil extracted from hemp seeds as containing CBD due to a loophole on Amazon’s website, which allows these false listings. It’s important not only to do your research before purchasing something but also to make sure you know where you’re actually getting what from!
Some quality CBD products are of low concentration, meaning they have no health value.
For instance, a 60 mm full-spectrum CBD tincture with 100 mg of CBD. One dose of 1.5 ml will have on average 2.2 mg of cannabidiol which is below the level to provide many benefits for consumers.”
Fake CBD on the rise:
Many of the CBD Products in the United States are imported, especially from China. This has to do with a shortage of domestically-produced CBD and hemp being an accumulator that absorbs everything present in its soil. If anything was used on it previously, like pesticides or herbicides, then there’s a high chance the new crop will be contaminated too if not tested properly beforehand when growing hemp for CBD extraction purposes.
How do people properly Value CBD Products:
The best way of testing the value of your CBD products is by looking at its Certificate of Analysis, or COA. A reliable company should be willing and able to provide this for you when requested. These lab results will tell you how much cannabidiol (CBD) was used in a particular product (Oil, topical, tincture, etc.) and what concentrations are present now.
When it comes to buying CBD oil, a good product is critical. While saving money on the side can be nice in theory, if you’re looking for a reliable source of quality ingredients, go with an established company that uses high-quality materials and processes its products thoroughly. Higher-end oils tend to last longer, taste better according to users who have tried them; additionally, they are more effective at what they do than less expensive alternatives.