Las Vegas based entrepreneur Joe Vargas has purchased the web domain CBDOil.com for just over $500,000.
Vargas already owns three physical CBD stores in Vegas, and runs a successful online store. Thanks to the growing success of the business he told DN Journal he was prepared to pay up to a million dollars for the domain.
Speaking to the website Vargas outlined his bold plans for the new domain: “CBDOil.com will be a marketplace, a hub for great content and a place people can trust to buy highest quality all-natural medicine and learn about how cannabinoids can help their ailments. The Amazon of CBD with a lot of education.”
The high profile purchase is a further signal of the confidence in the US CBD market, which is estimated to be worth over $2 billion dollars. Whether the new website will live up to the expectation of the domains price tag remains to be seen, but it is yet another indication that CBD is more than just a fad.