Las Vegas company scoops up domain for booming industry.
A Las Vegas CBD oil company has acquired the domain name CBDOil.com for $500,240.
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: