As you shop for various CBD products, you might notice that the prices of different CBD products can vary quite widely. To truly understand why these price differences exist, we need to examine the factors which affect the price of different CBD products.
To really get a handle on how much you’re paying for your CBD, the number you want to keep in mind is price per milligram (mg.) This tells you exactly how much you’re paying for every milligram of CBD in a product.
For example, if you were looking at a tincture which contains 1,000mg of CBD and costs $120, we can divide the price ($100) by the total CBD content (1,000mg) to get $0.12, or 12 cents per milligram.
This simple bit of arithmetic is the gold standard for cutting through all of the marketing, comparing different types of products, and getting an accurate representation of what you’re really paying for your CBD.
While that is simple enough, it’s not the full story. The next question is a big one: how much should you be paying per milligram?
Average Cost Of CBD Oil?
Average CBD Prices By Product
Here’s a quick list of the average prices of CBD per milligram broken down in its most common forms.
Keep in mind that the price of CBD regularly fluctuates, so use these numbers as a general guideline, not something which is set in stone.
Factors Influencing CBD Price
To really understand the cost of any CBD product, we need to know how the price of CBD is evaluated. Let’s take a look at the biggest factors.
When we talk about buying CBD, we’re almost always looking at products like tinctures, gummies, creams, and other ready to use forms of CBD. While you can purchase CBD isolate (a 100% pure form of CBD, usually sold as a powder,) most consumers prefer CBD oils or edibles.
As such, it’s important to keep in mind the price of these other ingredients as well as the CBD. For example, a CBD tincture is likely to include a carrier oil such as hemp seed oil, olive oil, or coconut oil. A CBD tincture made with inexpensive olive oil will be cheaper than one which uses high quality hemp seed or coconut oil.
You’re also likely to find other ingredients like flavorings, other beneficial herbs or oils, and sweeteners. All of these will contribute to the price tag.
Hemp Source and Extraction Method
Just like any other agricultural crop, hemp plants can vary in quality. Certain farming practices, like organic farming and pesticide-free farming are most expensive than others, a price that is passed on to the consumer.
After it's grown, hemp needs to be processed to extract the CBD. There are a variety of methods used to extract CBD from hemp, including:
After CBD oil is extracted, it needs to be subjected to chemical tests to measure its concentration and verify that there are no contaminants.
This testing is best performed by a third party laboratory for optimal results. However, this comes at a price. While this does increase the bottom line for the consumer, it is a step that should not be taken for granted!
Always look for the independent laboratory results for any CBD product you buy. The manufacturer should proudly display them. If you can’t find them, inquire with their customer service. Should they prove unwilling or unable to share these results, look elsewhere!
Where You Purchase
The location where you purchase your CBD is likely to affect the final price.
Typically, the cheapest source for CBD products is going directly to the manufacturer. Fortunately, most CBD companies’ have an online store where you can order their products directly.
But if you’re buying in a brick and mortar store, you can usually expect the prices to be marked up. While some retailers may have a deal with the manufacturer and sell for the same prices you’d find online, this is an exception to the rule.
Similarly, if you order from an online CBD shop that carries CBD products from multiple brands, you can expect some markup on them.
Brand and Packaging Cost
Even if two brands are offering products with the same ingredients from the same sources, they might still vary in price. Each brand is likely to have a different pricing strategy.
Some brands offer fancier packaging. Others might have programs like rewards or subscription services. Certain manufacturers invest heavily in marketing themselves as premium quality brands. All of these factors -- and many more -- affect the final price to the consumer.
Always Look At Cost Per Milligram!
If you take one thing away from this article, it’s that you should always calculate the cost per milligram when comparing CBD products or brands. This is the quickest way to get an accurate comparison and not get lost in the details!
Take your time to do some due diligence when shopping. You might find big savings!