CBD oil is the most popular ingredient on the block this year. If this is news to you, let's quickly clear up what it is: CBD is one of the many naturally occurring chemical compounds present in the flowers and leaves of cannabis plants, found in both marijuana and industrial hemp. Unlike THC (the psychoactive element of cannabis), CBD cannot get you high, no matter how much you take.
So, why is CBD so expensive?
Good news: “The cost of CBD will absolutely drop over time,” says Baum. One of the main drivers for legalizing hemp farming was the potential for farmers to have a new cash crop to replace tobacco. As a result of hemp legalization, the transition to hemp is occurring in states across the country. “We will see the first full yield of a hemp crop in 2020 in states that have implemented farming regulations,” he says.
How can we tell if we’re overpaying or underpaying for CBD?
You’ll see a range of price points in the CBD market, of course, but many of them cost upwards of $50 to $100 for a small-sized vial (typically one fluid ounce) of CBD oil or a box of CBD gummy bears. In an effort to understand why—and to find out if and when this crazy cost might lower—we checked in with Brian J. Baum, the President & CEO of CBD giant CANNOVIA.
Most users take CBD oil orally. Manufacturers may include a dropper with their oils, allowing consumers to place a few drops under the tongue. They can also add CBD oils to food and drinks, such as smoothies, teas, coffees, and even baked goods.
For instance, cannabis-derived CBD may contain THC; the substance people associate with intoxicating effects. These effects often include a wide range of physiological responses, including paranoia, drowsiness, dizziness, and perception changes.
But How Does All This Translate to Prices?
Typically, CBD oil that comes from hemp has a minimal level of THC. The CBD is extracted using various techniques, often along with many other chemicals, including terpenes, phytochemicals, and cannabinoids. Manufacturers suspend these substances in an emollient, which may include olive, coconut, or other oil.
For instance, to grow low THC level plants, growers must keep in mind latitude, longitude, and soil variances. Depending on the area and general climate, hemp may end up classed as cannabis. Growers must regularly inspect their hemp or risk having the entire crop destroyed.
What Is CBD Oil?
In the last few years, CBD oil has come into the limelight. Its elevation into mainstream consciousness has allowed it to flourish, with tons of companies working to cater to increased demand. As a result, consumers can find it in many places, from retail centers to online stores. Fans of this compound also tout its many potential benefits.