The CBD industry is quickly growing and changing, which is great, but consumers are being left behind. The lack of Food and Drug Administration (FDA) regulations for the industry has left consumers vulnerable to product pricing and quality issues.
A recent study performed by Leafreport, the CBD industry’s peer-reviewed watchdog website, found that there was an 11,142% price difference between the cheapest and most expensive CBD brands. The study served as a follow-up to its April pricing report, and interestingly, they found a 6,242% price increase since the original report.
The same report also found a 5,100% price difference between the cheapest and most expensive edibles products and found CBD isolate products to be among the cheapest category with a 19% pricing decrease since the April report.
While the isolate numbers are great, the rest should raise an eyebrow and should encourage more CBD users to look closely at their purchases.
So, what’s going on in the industry and why is there such a large gap in an industry that’s experiencing an influx in availability and new products? Industry experts believe that quality is the answer. Lack of federal regulations makes it easy for companies to cut corners and opt out of more costly options. The report found that more expensive products typically used materials of higher quality, completed independent product testing and other types of quality assurance practices.
Fortunately, Leafreport’s price calculator is a tool that helps users rate the pricing of their favorite CBD products by comparing the price and amount of CBD. Cheaper isn’t better when it comes to CBD products and with that information in hand, CBD users should be apprehensive of cheaper products that seem “too good to be true,” because they likely are.