New and regular users of CBD frequently ask the same thing: When will CBD prices go down?
There are some necessary costs that CBD companies must factor in when determining prices for their products. These include the extraction process, bottling and labeling, third-party lab testing and growing hemp or purchasing hemp oils. But after these costs, some companies still mark up CBD product prices by up to 400%.
Some consumers make CBD part of their part daily routine for the benefits that CBD offers. Many others simply can’t spend hundreds of dollars per month on CBD products to do this. Health insurance doesn’t cover these products, so some consumers choose cheaper alternatives.
As more states began planting their own hemp, CBD prices should start to go down over the next few years. But for now, the high cost of many CBD products remains standard throughout the industry. There are three main ways that the price of CBD has skyrocketed.
Misleading Labels
It’s all in the wording. A “High Potency” product can advertise having 5,000,000 nanograms of CBD in a bottle. It sounds impressive, but that’s only 5mg of CBD. Most High Potency products contain 50mg of CBD per serving size.
Beautifully labeled products and elaborate formulas also command high prices. Just look at the beauty industry! However, labels do not speak to quality. Your goal is to purchase pure, high-quality CBD oil. Small amounts of CBD oil mixed into a variety of other ingredients will not yield the same benefits.
False Advertising
Finding out what's in a CBD product can be challenging due to minimal FDA oversight. Some products with little CBD don't have a price which reflects this.
A 2017 University of Pennsylvania study reported that nearly 70 percent of CBD products sold online had inaccurate labels. This includes products containing 20 percent or less of the total CBD advertised on the label. Local Oregon news outlet KGW8 reported last month that some CBD products didn’t contain any CBD at all.
Some products also falsely claim to treat or cure specific conditions and disorders. These include schizophrenia, cancer and autism. These claims are not supported by the FDA and they have cracked down on products advertising them.
Celebrity Endorsements
Many famous musicians, athletes and TV personalities have launched their own CBD products or endorsed others. Their universal recognition can lead to high demand and high prices. However, their endorsement doesn’t necessarily speak to the quality of these products.
Making CBD Accessible For Everyone
Lazarus Naturals believes high-quality CBD products should be accessible to everyone, especially those who need it most. Many CBD users find the oil helps them with healthy cartilage and joint function, restful sleep and relaxation, among other benefits. Our customers frequently write us to say how our products have benefitted them. We want everyone to experience these benefits.
This is why Lazarus Naturals created our Assistance Program. The program offers lifetime 60 percent discounts to veterans, low-income households and people on long-term disability. Many customers in our Assistance Program have said they can’t afford our products without the discount.
Visit the Assistance Program page on our website for more information and learn how to apply.