CBD Prices are Falling as Companies Seek New Consumers. Is That a Good Thing?
– Hemp Industry Daily
Over the last year, CBD products in the U.S. have become cheaper due to falling prices for Hemp biomass, reduced production expenses and plans to reach consumers with less disposable income in relation to COVID-19. Global Widget™ is one company that has observed these factors and decreased costs in the first half of this year.
“We definitely have noticed that the biomass pricing has decreased over time,” said Margaret Richardson, chief compliance and legal officer for Global Widget in Tampa, Florida. “Obviously, that reduces the cost in the supply chain. So, we want to have that opportunity to pass that value on to the customer.”
Global Widget has been able to cut production costs thanks to its efficient extraction and manufacturing facilities, according to a July report from Brightfield Group, a cannabis research and data firm. Global Widget has adapted with the current climate to ensure consumers are receiving affordable and accessible CBD products.
Read Hemp Industry Daily’s full overview of dropping CBD prices and how it will affect the future of the CBD market.
August 7, 2020