If you have recently made the decision to start taking CBD for your health and wellbeing, one of the things you may have noticed while shopping for CBD oil is the price. In fact, you may have even been shocked at how high the cost of CBD oil can be, especially when you consider the size of the bottle. This may have you second-guessing your decision to start taking this product.
If you find yourself asking, “Why is CBD oil so expensive,” you’re not alone. Before giving up on your desire to take CBD, knowing why CBD is priced the way it is can be beneficial. When it comes to how CBD oil prices are determined, there are several factors that play a role. Let’s take a look at what some of those are.
Why is CBD so Expensive?
The popularity of CBD has been rising over the past several years, but it’s important to keep in mind that the bill that made it legal to grow this product was only signed in 2018. The CBD market is still fairly new. Some of the factors that impact CBD oil price are the following.
1. Farming Hemp Can be Challenging
In the U.S. in particular, since growing hemp crops is so new, many farmers are discovering that there are a lot more challenges to the process than they initially anticipated. It’s definitely more difficult than growing food crops.
One of the biggest issues that has arisen is the amount of manual labor and inspection that take place during the growing process. The 2018 Farm Bill allows for hemp crops, but there is a limit on the amount of THC that can be produced in those crops.
THC is the compound that causes a euphoric feeling when it gets into a person’s body, and if there is more than the allotted amount in a crop, those plants are destroyed. Farmers have to keep a close eye on their plants to ensure that they don’t exceed the legal amount of THC and suffer a loss.
Harvesting also poses another problem for farmers, and a combine is needed to gather the plants. If the farmer grew grains before deciding to switch to hemp, then they will probably already own this machine. If not, then buying one is incredibly expensive — and the farmer may not see a return on that investment.
The drying process also plays a role when it comes to CBD oil pricing. This step in the manufacturing process requires a large, sheltered area with the proper conditions to store the plants while they dry out. It can be expensive to add this to an established farm, and costly if the conditions aren’t meant and the crops have to be destroyed.
2. The Extraction and Refinement Process Can be Difficult
Assuming that all goes well with growing and harvesting the crops, the next stage in the CBD manufacturing process is extraction and refinement, and this contributes to the cost of CBD oil as well.
There are two primary extraction processes that reputable manufacturers use: CO2 or ethanol — and both of these require specialized equipment and specially trained individuals.
The type of CBD that is being produced also impacts the refinement process and the price consumers pay for the final product.
Either of the methods listed above can produce full spectrum CBD, which contains CBD as well as THC and other minor cannabinoids, in addition to terpenes, flavonoids, and essential oils. However, not everyone wants their CBD oil to contain THC, so to get broad spectrum CBD or CBD isolate, there are extra steps that must be taken to produce these specific products. This has an impact on the price.
The Price of Product Testing
It may be legal to grow hemp crops in the U.S., but the CBD market is not regulated by the FDA. That means that there are no standards or regulations in place for what CBD products should contain.
There are, however, manufacturers that have developed their own standards because they want to ensure their customers are getting products that will benefit their health and wellbeing. To prove that they are offering high-quality products that contain pure CBD and other natural products, they will have it tested by a third-party lab and ensure that the results are available to anyone and everyone who needs access to them.
They have to pay for this testing, and that cost gets passed down to the consumer. However, it should give you peace of mind knowing that you are getting high-quality CBD products from a trusted company.
How Much Does Pure CBD Cost?
CBD oil is expensive, but there are many factors that go into determining the cost. As you shop for products online, you may notice that different brands ask different prices for what seems to be the same product. The variation will depend on the factors listed above, including how much the company has to pay for the farming and harvesting, how they extract and refine their CBD, what type of CBD oil they offer and if they have their products tested.
When it comes to the cost of pure CBD, it’s hard to say it will cost exactly this much. However, there is a range when it comes to the cost of this product, and the CBD price per mg is between $0.05 and $0.20.
Do You Overpay or Underpay for CBD?
Since the price per mg of CBD can vary so widely, there is the possibility that you will overpay or underpay for CBD. You also need to keep in mind that the market isn’t regulated, which means that there are manufacturers that are looking to turn a profit, so they may offer products that don’t contain the amount of CBD that is stated on the label, as well as other harmful ingredients such as pesticides.
To ensure you are getting a fair deal on CBD, you need to make sure you are buying from reputable, trustworthy CBD brands. How much you pay for their products will vary depending on where the hemp was sourced, how it was processed, the type of CBD you are buying and the amount of CBD contained with the product.
What Makes a Company Reputable?
As mentioned, one of the ways you can tell you’re working with a reputable company is that they will have their products tested by a third-party lab, and the Certificate of Analysis will be available.
Knowing where the hemp was sourced and how it was processed is equally important, and this may be information that is found on the product label or on the company’s website. If they are vague or have no idea where the hemp was grown or how it was refined, you should be suspicious, and this could be an indicator that the product you are buying isn’t high-quality, and you might be overpaying for CBD.
Another Indicator You Might be Overpaying for CBD
One of the other indicators that you might be overpaying for CBD is how it makes you feel. Every person reacts differently to CBD, but if you have purchased a product that claims to be full-spectrum and has a high amount of CBD in it, but you don’t feel anything, you may have overpaid for the product.
Is it Possible to Lower the Price of CBD?
Finding low-cost CBD oil can feel like a huge challenge. Currently, the price for CBD seems incredibly high because the market is still new, and refinements need to be made in the farming and manufacturing processes. With time, the growing, harvesting and manufacturing process will be improved, and this will result in affordable CBD that anyone and everyone can use (if they choose).
As long as the demand for CBD products remains high, there will be companies that will give customers what they want and need. Manufacturers benefit from reduced costs as well, so it’s in their best interest to keep looking for new and improved ways to get CBD from the field into the hands of consumers.
CBD Oil Pricing and the Future of the Market
If you find yourself asking, “What is the price of CBD oil,” the answer is that it can be incredibly expensive. However, it is predicted that the popularity of the market will continue to grow. With consumer demand comes the desire for manufacturers to find more cost-effective methods to get people the products they want and need to potentially improve their health and wellbeing.
There’s also the possibility that the FDA will begin to regulate the CBD industry, which could further change how this product is grown and manufactured in the U.S., and this may impact CBD oil pricing.
There are many changes that may be happening in the future for the CBD market that could result in affordable or low-cost CBD oil. Until that time, it may feel like CBD products are incredibly expensive. However, you can’t put a price on your well-being. By buying from the right companies, you can rest assured knowing you are getting high-quality products that may be beneficial to your health.