With any industry comes brands that have been labelled either good or bad, too simple or rather extensive or potent or weak. Unfortunately, one factor that leaves many consumers questioning whether they want to give something a shot, especially with something like CBD, is the prices.
There is an array of CBD products in the current market, leaving many puzzled with what to go with. Obviously, products that create a win-win situation are those that are inexpensive or at least respectful of consumers from different financial backgrounds and those also deemed effective.
In a recent post by Westword, American chain of luxury department stores, Neiman Marcus was accused of offering CBD products at unrealistic prices. It was further argued that the prices and the overall quality of the products offered had to no relationship whatsoever.
To make their point, some examples were provided. For instance, a mention was made regarding the Lord Jones CBD Lotion, which supposedly costs $60 for 1.69 ounces. Similarly, a 0.34-ounce CBD hemp balm costs $30. Of them all comes their “five-pack of CBD-infused moisturizing face masks, which will soothe your skin for just $70,” reports the news outlet.
All that said, Westword highlighted that Neiman Marcus isn’t the only one to have hyped product listing, but also other non-luxury retailers. Why are prices so outrageous for CBD goods? There are a number of different perspectives consumers can take besides the profit-obsessing outlook. Given that CBD is the talks of the year, it comes of no surprise that businesses will try to step foot within the industry.
This is also supported by the number of studies that have found statistically significant evidence that its uses can benefit one’s health in numerous ways. And, who can forget cannabis and CBD legalization!
Most of all, there appears to be an imbalance in the supply chain. According to a post by Real Simple, the supply side is weaker compared to that of the demand, as hemp was only legalized with the 2018 Farm Bill. Before the passing of said bill, hemp was only grown for the purpose of research and other uses other than cannabinoids extraction.
Again, supply means waiting for crops season, ensuring that growers comply by the USDA, and other regulatory frameworks. That said, supply is expected to spike up in 2020, as farmers are predicted to replace tobacco with hemp production while more businesses are making their way into the extraction business.
To ensure that consumers are getting the most for the buck, products should be analyzed for their CBD concentration (the lower, the useless they become), the source of plant, and analyzing the descriptions, as anything that says hemp oil doesn’t mean CBD presence.