Have you noticed? CBD products are getting cheaper!
In the past few years, cannabidiol (CBD) has quickly become accepted as a safe, effective and versatile medicine. People are comfortable using CBD for a variety of ailments, including the big three of insomnia, anxiety and inflammation, among other conditions.
Friends told friends — it doesn’t get you high, and it’s non-toxic compared to many pharmaceutical options — and now CBD is in medicine cabinets in homes across the country.
One thing that may have slowed adoption slightly was the high price of some CBD products: A bottle of CBD oil could easily be priced at $200 or $300 — a little steep for many of us, especially with the economic uncertainty of the pandemic. But with the sky-rocketing demand for CBD, the normal rules of market competition have come into play, and those prices are starting to fall — yippie!
“There’s persistent price compression,” Bethany Gomez of the Brightfield Group told CNN Business last week. “At this juncture, we’re not expecting that to change.”
This is good news for you and me, and even before it became headline news, we could see prices tumbling. From CNN: “The pricing wars began in the second half of last year, driving down sticker prices by 20% to 30%, she said. The products got cheaper following the fall hemp harvest, which resulted in an oversupply of raw ingredients.”
Lower margins on packaged goods are always welcome by us consumers, but there’s another aspect of cheaper products to watch out for: You get what you pay for, and buying really cheap CBD is probably risky.
Lower CBD prices are good, but more than ever, it’s buyer beware
With anything you’re putting into your body, whether you are inhaling it, swallowing it or rubbing it on, you want to make sure it’s a pure and safe product. Without meaningful government oversight in place, it’s very difficult to identify brands that are high-quality, trustworthy and reliable. That’s where the U.S. Hemp Authority comes in.
This trade group applies USDA food-grade standards, from seed to shelf, to the process of producing CBD. This means the soil is certified as organic, the supply chain is certified as protected, and the manufacturing process is certified as professionally clean and safe. It also means the label is accurate, which is not always the case in the CBD market.
Kannaboom features U.S. Hemp Authority-certified CBD brands because they meet the most stringent regulations now in place for protecting CBD consumers. As we’ve said before: Please don’t buy CBD at a gas station, or anywhere, before you’ve had a chance to research the brand.
To be confident you and your family are consuming a safe, clean product, don’t buy it if you don’t see the U.S. Hemp Authority seal (like the Good Housekeeping seal) on the label.
Among the certified brands at Kannaboom, we’ve noticed lower prices from market leaders, for instance:
- Charlotte’s Web now has a Hemp Infused Balm containing 450 mg of CBD for under $15.
- Elixinol’s Daily Balance CBD Tincture starts at $11.99 for 133 m of CBD.
- A newer company, CBDistillery has featured competitive pricing since launching, as demonstrated by their 500-mg bottle of CBD Oil priced at $35.
All three of these providers are rolling out innovative new products too, which I’ll cover in another post.
But the main point today is this: CBD prices are dropping, which is good. But don’t let your buying decision be driven by price alone. CBD that’s reliable, trustworthy, and high-quality now costs less, and that’s good news!