Whether you’re a new or experienced cannabis consumer, you’ve likely wondered, “how much does cannabis oil cost?” This new therapeutic product has earned high praise from medical and recreational users. Each bottle of cannabis oil, also known as a tincture, comes with varying ratios of cannabinoids at relatively steep prices compared to other health- and wellness-related products.
Despite the high markup for cannabis oil, many consumers regularly use this delivery method to reap all of the mental and physical benefits of two major cannabinoids: cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC). A number of factors affect the price of the oil. You can expect to pay anywhere from $30 to up to $200 for a single bottle. Here’s what you need to know about shopping smart for cannabis oil.
How Much Does CBD Oil Cost?
CBD oil has become widely accessible to the entire nation. It’s revered for its non-psychoactive and therapeutic effects on pain, anxiety, inflammation, seizures, and other debilitating symptoms. The health and wellness aspect of CBD oil commands a premium price for its symptomatic relief. Apart from its medical applications, there are plenty of other factors that determine how much consumers pay for cannabis oil in general.
Katie Stem of Peak Extracts told Weedmaps, “When examining a cost analysis from a production perspective, you look at labor, materials, packaging, labels, potency/purity testing, marketing, and shipping distribution.” For manufacturers, bulk CBD can range from $3 to $15 per gram, which works out to be less than one cent to 1.5 cents per milligram. Consumers end up paying about $50 to $60 per 1,000 mg bottle, or about 5 to 20 cents per milligram.
How Much Does THC Oil Cost?
Cannabis oil varies in price based on cannabinoid content, as well as the region where it’s sold. Seattle-based Headset published a report detailing pricing data for a variety of marijuana products in Washington State, California, Nevada, and Colorado. The price of THC oil varied by state. For example, Colorado had the highest price at 41 cents per milligram, which was 64 percent higher than Nevada’s 25 cents per milligram. California and Washington both had a 30 cent per milligram average price for THC oil.
Marijuana vs. Hemp-Derived Cannabis Oil
Cannabis oil products can be derived from either marijuana or hemp plants. Both belong to the same Cannabis sativaplant species. Marijuana plants are primarily bred for a THC-rich resin, while hemp plants produce high-CBD resin with only trace amounts of THC. Hemp-derived oil tends to be more affordable than marijuana-derived oil. When shopping for cannabis oil, consumers may run across terms such as full-spectrum, broad-spectrum, or distillate. Each comes with varying price points depending on many factors, including its source.
Full-spectrum products contain the original chemical profile of a strain, including THC, CBD, and terpenes. Broad-spectrum contains everything in the plant but the THC, for a non-intoxicating experience. Distillates only contain one cannabinoid, either CBDA or THCA. The compounds in full-spectrum and broad-spectrum cannabis oil not only add to the aroma, but also the effects and the price.
Factors Affecting Cannabis Oil Costs
A bottle of cannabis oil can vary in price based on an assortment of factors from production to marketing costs. For example, cannabis oil made from organically grown hemp from Colorado will have a higher price than oil made from a plant grown in a state with a newer market. Besides quality, potency also affects the price of a product. Cannabis oil with 1,000 mg of cannabinoids will be more expensive than oil with fewer cannabinoids per milliliter.
The cannabis industry has unique costs and challenges that can drive up the price of cannabis oil. For example, lab testing requirements can force companies to spend hundreds of thousands of dollars testing their oil for contaminants. Lab testing can range from $100 to $400 per sample tested. In many cases, cannabis must be tested various times throughout the supply-chain process.
Furthermore, the cannabis industry can’t write off business expenses because according to the US federal government, the marijuana plant is a Schedule I drug with no medicinal value. Dispensaries and producers may hike up their prices to offset some of these overhead costs. Industry experts believe that full legalization will help build a stronger regulatory framework for the industry to benefit both companies and consumers.
How to Find Reliable and Cost-Effective Cannabis Oil
Finding the right cannabis oil at the right price point can seem like an impossible task. Luckily, there are a few ways you make sure you get the most for your dollar based on your desired results. It can take a few hours, days, or weeks of research to find the right cannabis oil. While price matters, some affordable cannabis oils can be just as effective as the most expensive cannabis oils. Here are a few ways to save money on cannabis oil.
- Buy cannabis oil in bulk. Larger quantities mean more upfront costs, but the product often comes with considerable savings of up to 40 percent per milligram. Manufacturers pass their savings on packaging onto you. Buying in bulk can also earn you free shipping with most hemp-derived oil companies.
- Follow your favorite cannabis oil companies or retailers on their social media channels to scope out special discounts, promotions, and giveaways.
- Sign up for low-income, veteran, or other financial assistance programs if you qualify. Not every company offers this perk, but the ones that do may give you a discount of more than half off if you can send qualifying proof or apply for a spot in their program.
- Buy based on price-per-milligram. In order to calculate the price per milligram of a cannabis oil bottle, divide the total price of the product by the milligrams of cannabinoids in the product.
- When searching for bargains, always make sure you buy cannabis oil that has a certificate of analysis (COA) from an accredited third-party laboratory ensuring you have a safe and pure product.
As you can see, the price of cannabis oil varies widely based on the source, quality, potency, location, size, and other manufacturing and marketing costs associated with the product. The novelty of the industry and a lack of regulation have contributed to cannabis oil’s high prices, but consumers are hopeful that one-day cannabis oil can reach an accessible price point for everyone that needs it.