How Much Does Hemp CBD Oil Cost: Average Price
Hemp Cannabidiol (CBD) oil has become all the rage. This industrial hemp-derived cannabinoid is so popular that it’s making its way into all sorts of common products, from the foods we eat to the moisturizers we put on our skin, but only in states that allow hemp CBD be added to these products.
Hemp CBD products come at a variety of price points, from just a few dollars to more than $100 for a single item. How can consumers know how much money is too much to spend in such a nascent industry? How are these prices determined? What separates a good deal from a bad one? And how much can you expect to pay for high quality products? In a newly popularized industry, these questions are on everyone’s minds.
What Makes Hemp CBD Oil Expensive?
Industrial hemp-derived CBD products are generally costly compared to their non-infused counterparts. In states that allow hemp CBD to be added to edibles, a package of hemp CBD cookies, for example, will be significantly more expensive than a package of regular chocolate chip cookies. Why is that?
The heightened price of infused products is due to a few factors, but one chief cause is the raw material cost and the laborious extraction process necessary to develop the concentrate. Those costs are usually passed on to the consumer.
Moreover, hemp-derived CBD products have been in high demand lately as the cannabinoid has boomed in popularity. The market realities of supply and demand serve to drive prices up, especially in a country where regulations remain unclear and producers are unsure of what rules will ultimately govern what they can and can’t do. This also means that manufacturers take on more risk than a typical product, with basic business services from insurance to banking being more difficult and expensive to maintain and retain.
How Much Does Hemp CBD Oil Cost the Consumer?
The cost of hemp-derived CBD depends significantly on the concentration of hemp CBD within a product. For example, in a state that allows hemp CBD tinctures, a 500mg tincture will cost less than a 1500mg tincture. Pricing also depends on the brand you are purchasing and their manufacturing processes. For example, a hemp CBD tincture using olive oil as the carrier may be less expensive than one that uses MCT oil derived from coconut.
Consumers have taken to calculating price per milligram to help determine what they’re getting with their purchase. To do so, simply divide the milligrams by the total cost of the product. For example, a 1000mg tincture at $50 costs 5 cents per milligram. Low-cost hemp CBD products are priced between 5 and 10 cents per milligram, while mid-range products often cost between 11 and 15 cents per milligram. High-end hemp CBD oil products will generally run 16 cents per milligram or higher.
These ranges are typically considered normal across the industry:
- Sublingual tinctures: Most tinctures, in states that allow them, come in a 1-ounce bottle, with some brands offering 2-ounce sizes and up. You can expect to pay between $30 to $100 or more for these bottles depending on their size, the amount of hemp CBD each contains, the type of hemp CBD extract used, the carrier oil used, and market placement. The larger the bottle and the more hemp CBD in the oil, the more you can expect to spend.
- Hemp CBD topicals: A price range for topicals, in states that allow hemp CBD be added to them, can be harder to nail down simply because there is so much variety in this category. Typically, hemp CBD body lotion and other skincare and topical products start at around $30. Pricing varies depending on the amount of hemp CBD in the product and the other ingredients used in the topical.
- Hemp CBD edibles: This category contains dozens of products in states that allow them, ranging from the sweet to the savory. Naturally, the pricing on each of these foodstuffs fluctuates significantly depending on the type of food, the dosage of hemp CBD, and the other ingredients used by the manufacturer.
To help illustrate the price range, look to the popular hemp CBD gummy in markets that allow hemp CBD gummies. Most hemp CBD gummies contain between 5mg and 30mg of hemp CBD per piece, and the price works out to between 7 cents and 12 cents per milligram of hemp CBD. However, some more expensive gummies can run as much as 25 cents per milligram.
What accounts for the price difference? More expensive gummies typically offer multiple flavors or require more expensive ingredients, such as vegan, gluten-free, and dairy-free products. In addition, 5mg gummies tend to have a higher price per milligram simply because the dosage is lower but the cost of low-dose gummies is roughly on par with their higher-milligram counterparts.
- Hemp CBD pet products: If you feel that your four-legged companion needs hemp CBD and you are in a state that allows hemp CBD for pets, there are lines of treats, tinctures, and sprays that work much like the hemp CBD products humans use. Tinctures and sprays typically cost about $50 per bottle, dependent once again on the size of the container and the amount of hemp CBD in the product. A pack of hemp CBD treats for your pet could cost as little as $20.
What Types of Hemp CBD Are There?
Not all hemp CBD extracts are created equal. Consumers are likely to come across terms like “isolate,” “full spectrum,” and “broad spectrum” as they research products. What’s the difference between these types of hemp CBD extracts?
Full spectrum hemp CBD refers to hemp-derived CBD that coexists with other compounds found naturally within the hemp plant. A full spectrum product contains hemp CBD alongside these other compounds, including other cannabinoids, terpenes, and flavonoids. This means that full spectrum hemp CBD products have small amounts of THC. These trace amounts are limited to 0.3% or less as required by U.S. law.
If you’re after pure hemp CBD unaccompanied by other compounds, then a hemp CBD isolate product is right for you. Hemp CBD isolate is further refined in the extraction process to eliminate the other cannabinoids, terpenes, and flavonoids, resulting in a fine power that’s 99% pure. This powder can be dissolved in a carrier oil or mixed into other ingredients.
There is also a hybrid version of hemp CBD that straddles full spectrum and isolate: broad spectrum. Broad spectrum hemp CBD products contain the additional cannabinoids, terpenes, and flavonoids, but contain no THC, the compound famous for producing an intoxicating effect. Broad spectrum hemp CBD products are intended for those consumers that want all the compounds found in a hemp plant, simply without the trace amounts of THC that are found in full spectrum hemp CBD.
How Do You Read the Labels on Hemp CBD Products?
Packaging and labeling should prominently feature which type of hemp CBD it contains. Labels should often include a measurement of milligrams, which refers to the amount of hemp CBD contained within the entire bottle or container. You can also expect the label to tell you the size of the container. These three basic components are key to understanding how much hemp CBD you’re consuming.
Once the basics are determined, consumers should be on the lookout for additional certifications on their products. Some brands carry organic certification, while others have non-GMO certifications, but only in states that permit these certifications. Some go as far as to obtain Good Manufacturing Processes (GMP) certification, which ensures product consistency from batch to batch. Particularly in the world of hemp CBD gummies, vegan or vegetarian certifications are widely sought-after by these communities. Some brands seek the additional seal of approval from industry bodies such as the U.S. Hemp Authority.
Finally, you might be able to find a reference to third-party lab testing on the bottle. Reliable hemp CBD companies are typically willing to show results obtained from third-party lab testing. Sometimes, a label will reference that a product has been third-party lab tested, signaling to consumers that the results are available for review. In the hemp CBD industry, reviewing third-party lab testing results is always wise; by reviewing these results, you can improve your chances of getting a high-quality product that truly contains what the brand claims is inside the bottle.
Will Hemp CBD Ever Cost Less?
Consumers might wonder if the cost of hemp CBD products will ever decrease, which is a fair question but difficult to answer. Market forces will always have an ever-changing pressure on prices one way or another; exactly how that will impact future prices of hemp-derived CBD products remains unclear.
Another major factor are the constantly-evolving government regulations. The U.S. FDA, for example, took oversight over hemp-derived CBD following the passage of the 2018 Farm Bill, along with individual states. Regulation doesn’t happen overnight, though, which has left the industry guessing as to what precisely will be allowed. How the FDA and states decide to regulate the industry will inevitably impact prices and possibly even product availability.
Finally, as the industry matures, it’s reasonable to assume manufacturers will discover and implement more efficient processes. Increased efficiency could ultimately contribute to a decrease in general pricing by cutting the costs associated with production. However, finding new efficiencies often involves investments in new technology, which requires capital and time. How much these technologies cost to purchase and implement, as well as how much time and money they save producers, is a big piece of what determines whether prices for consumers will fall or not.
While it’s unclear how the pricing of hemp-derived CBD products will be impacted in the future, it seems that many of these products are here to stay. As a relatively new industry, at least in the mainstream U.S. market, there are a lot of variable factors in flux for hemp CBD brands and consumers alike. How each of these factors shakes out will have an influence, in one direction or another, on hemp CBD product pricing in the future.