The headlines are a drag. Stock prices are down. There’s no mistaking it: the CBD industry is struggling.
In 2018, the space was filled with optimism. The 2018 Farm Bill legalized hemp farming nationwide. Consumer hype was palpable. Research firms projected revenues in the tens of billions of dollars.
Four years later, in 2022, that optimism hasn’t translated to much. The FDA has made zero progress on a regulatory framework for CBD. Stock prices are down over 99 percent. Consumer sentiment has turned to skepticism (and rightfully so).
CBD companies are in disarray. Someone desperately needs to hit the “reset” button. That’s why we at Sunsoil are launching a new initiative – to breathe new life into this directionless industry.
What is this new initiative? And why does it involve paying people $200 to try our CBD oil?
Before I explain what it is, let me explain why we’re doing it.
The Origin of Sunsoil
I run a company in Vermont called Sunsoil. We farm hemp, and we make certified organic CBD oil. (Here’s a short video about how we got started.)
What makes us special? We’ve done more to innovate in hemp farming and CBD oil production than anyone else in the industry.
For example, just this past year, we cut our hemp farming costs by 20%, while maintaining rigorous USDA organic standards. Plus, we doubled our CBD yields—the amount of CBD we extract from each plant—through better genetics and smarter cultivation.
The result of this innovation is that we can already sell our certified organic CBD oil at less than half the price of other leading brands. We also have a roadmap to cut our prices by an additional 80 percent over the next five years.
Which brings us to our latest initiative.
Get $200 to Switch to Sunsoil
We’re offering customers of other CBD brands up to $200 to switch to Sunsoil.
Yes, seriously.
All you have to do is complete a quick questionnaire, and submit a proof of purchase (a receipt, an order confirmation email, even a photo of the CBD products you’ve purchased).
Why are we doing this? Two reasons.
First, we know that if a CBD product is working for you—whether it’s helping you cope with pain, or sleep better at night—you may not want to risk a change to your regimen. That’s understandable. We want to make your switch to Sunsoil easier, by putting our money where our mouth is.
Second, growing our customer base will allow us to cut our already leading prices and realize our vision: to make CBD cost the same as a bottle of Advil.
Of late, we’ve been more aggressive about spreading the word about Sunsoil. That’s because when we reach higher volumes of production, our average costs go down, allowing us to drop prices for everyone.
The CBD industry desperately needs to reset—to re-focus on what consumers really want.
Consumers don’t need more “premium” CBD products; they need effective, affordable alternatives to Tylenol and Advil.
We’ve made it our mission to make that a reality.
By Bharat Ayyar
Bharat Ayyar is the General Manager at Sunsoil.