The new, emerging CBD industry has seen exponential growth in the past two years and there seems to be no slowing down any time soon. The scientific benefits that come from cannabinoid extract, which is derived from the hemp plant, are significant in more ways than one. CBD has been shown to aid in the common issue of falling asleep, pain and soreness, as well as various mental health symptoms such as anxiety and depression. The main understanding of why CBD has become so popular is because it deviates from the cookie-cutter “A pill will make it better” approach and offers a more natural and organic alternative relative to the pharmaceutical drugs being offered today.
So Why are CBD prices so different?
Well, this is a complicated question to answer if we solely analyze the cannabiniods market since the industry has yet to reach its peak potential as the exponential growth rate is ongoing. By understanding new market trends and basic business tactics, we can derive a more clear answer to this question. When a new industry arises, pricing is extremely variable across different companies with virtually no difference in the actual product quality itself. This discrepancy between companies is due to the fact that nobody really knows what the true value of the product is in the market. Essentially the concept is that if a consumer is willing to pay for a given item at a given rate, there is effectively no reason to lower that rate. For example many companies, that we won’t mention here, price their CBD tinctures well into the triple digit numbers while other companies are showing less than half of that price in some cases. Is there even a difference in the product? The key is to be aware that the burden falls upon the consumer be keen enough to know when they are overpaying for a product, and not the realistic and true price.
How do we become self-aware?
If you are reading this blog post, you’re already far ahead of the average consumer! One of the biggest pools of information on hemp derived CBD are the blog posts (like this one!) that companies, as well as other websites, create in order to be more transparent and provide a sense of confidence to the consumer. If newsletters and blog posts aren’t your thing, comparing lab reports of various companies is one of the tell-tale signs regarding the actual differences between the product itself. Just think about it… if the lab report is identical and pricing is drastically different, somebody is taking advantage of the consumer and inflating prices that you’d be having to pay! As a customer, acquiring information is the best method to be able to make a sound decision when purchasing anything, especially CBD!