Las Vegas company scoops up domain for booming industry.
BuyLegalMeds.com, which owns virtual and physical storefronts for selling CBD products, acquired the domain last week and launched a marketplace and informational site today.
The company’s CEO, Joe Vargas, provided proof of the purchase to Domain Name Wire. [Ed note: it might be on a payment plan.]
CBD (Cannabidiol), a chemical found in hemp plants, was made legal at the federal level last year when President Trump signed the Farm Bill. Now the industry is booming.
CVS will start selling CBD products in some of its stores. CNN says “The CBD gold rush has begun.”
If it lives up to its hype, $500,000 will end up being a good deal.
“We look at the domain as an authority to the entire industry and the CBD oil industry is worth billions,” Vargas told Domain Name Wire. “We think we got a great deal.”
The owner of the domain reached out to the company through social media and that kicked off negotiations. Vargas initially offered $100,000 and then raised his offer to $300,000. The owner didn’t budge from $500,000.
“This domain is worth a hell of a lot more to us and I didn’t want to lose the opportunity to someone else,” Vargas said.
Vargas entered the CBD oil business in 2015. He currently owns three CBD dispensaries in Las Vegas and hopes to have 7-10 within the year.
Here is a video about the buyer’s business:
CBD industry is on fire and CBDOil.com is a great domain.
A great domain for future.
This dude is about to get every single CBD/weed/marijuana domainer under the sun emailing him. Good luck with that .
Business-wise, he probably shouldn’t of revealed the price he paid for cbdoil.com.
But as a domainer, i am glad he did reveal the price.
$500k is a steal for that one. Have looked into that field myself.
Think it is a pretty big overpayment, it seems to be getting commoditised and not really a high value product. Next Amazon will probably be selling it. Depends entirely on whether it can rank right near the top which is probably unlikely long term as those positions will probably go to big brands.
Not a high value product? Do you know how hard it is to extract drop by drop of cbd oil my snoopy.
Snoopy just felt like being contrarian. Especially with me around, though not exclusively.
It’s already down to $10 per bottle.
Legal synthetic CBD will take over the industry eventually.
Great deal ihmo.
In the 1800’s, CBD oil was used solely by women for relief of period cramps.
I understand the owner registered this name 6 years ago. True, or was it an expired domain 6 years ago? The owner?
That’s the second big sale this year by someone tweeting to a potential end-user about a domain and closing the deal.
What’s the other one on social media? I believe this one was a direct message through a social media service.
Have you blocked me from commenting on domainnamewire?
Robert McLean
The domain name was first purchased and registered on March 15, 2012 for $8.72 and held by the same person until sold.
THIS is a high value digital asset…We own several hundred domains in this space and continue to see the values steadily increase as this industry matures. We are currently shopping MarijuanaConsumersGuide.com and cbdConsumersGuide.com
Both garbage
this is great news …. maybe our CBDOIL.VIP value went up now 🙂
Will you do a FOLLOW-UP on this, please?
A LOT is fishy here. I believe this was a setup to pump .com and get some attention to the ‘value’ of domain names.
First, this particular quote:
“We will recoup the money invested into buying the domain within the first 90 days of launching the site.”
That quote ran the gambit among this industry… I feel it’s time for some accountability for such claims. Let’s follow up here IMO. Let’s not be propaganda mills.
It seems to me, that ‘quote’ is something a savvy (and arrogant) DOMAINER would say. And if indeed it *were* a developer too, I highly doubt they would put forth the result which is now https://cbdoil.com. I really suggest, this whole deal is a fraud, fake news ‘manufactured for your consumption’.
The whole series of events seems contrived.
The site CBDOIL is a complete novice job.
I looked into this ‘agency’ which is cited in the footer of CBDOIL.COM. The name is: TrendiAgency,com
They list a few sites, which all seem to be novice jobs, basic themes and some text. They go something like this…
communitysubmersiblesproject.com (one of the sites) is entirely built to collect donations for their GOFUNDME.
Uhh, what do we think about this person spending $500k for a .com (really?), making WILD claims, while obviously an inept developer. The whole industry lauds and quotes everything, but here we are. Nothing to show. Nothing happened. We forget it? Ignore the fact that they are begging for investment via GOFUNDME?
Something stinks.
I was the original buyer of this domain name and sold it on 3.22.2019
for the stated amount.
Okay well then buyer is high? A lot of claims were made as to the success this will achieve.
I hate to see everyone talk about how this .com is going to give them great instant success, but the reality is what we see here. No result. The narrative never came true.
It happens a lot. This great .com sells and it’s a golden ticket…really not true.
The TRUTH here, seems to be that they have remained focused on their 3 word .com brand domain, and cbdoil.com hasn’t done anything.
I think it’s fair to not only point out big success, but bring attention to wild claims and the idea that some .com will bring extreme and almost instant success. More often than not, it does not.
Most ya’s just reporting one thing or another anyways.
It was a big success for me. I paid $8.72 for it 7 years before I sold it.
I don’t care what the buyer does with it!
Did the buyer complete making payments on this domain?
Well maybe a COVID slowed down their plans who knows but good for you selling at a good price
I don’t want to hurt feelings too bad. But if they were sitting at home, cowering from Covid, maybe they’d find more time for the site?
I don’t think I should argue. This guy probably had good intentions when he started.
I am upset that the domaining industry pumps such idea of golden ticket success with such a com, but time and time again, nothing comes of them. These domains often sell 5-10 years later for a much lower price. <- I believe we begin to see A LOT more of this.
Like, I say novice because well, sadly, it is. Even the top banner suggesting they are having problems is wrote as:
"… please bare with us as we get things fixed."
That means 'get naked' with us. The correct usage is 'bear'.
So yea…I'm put off by the wild claims of being an instant success, alas the results are rife with unprofessional-ism. I think domaining needs to get in touch with reality a bit.
Sorry I am not following the question