Mar. 30—Keene CBD, the 166 Emerald St. shop that sells cannabidiol products, is closing, according to owner Jared Goodell.
Goodell said Tuesday that the store will go out of business within the next two months, though he does not yet know the exact date. It is having a storewide closing sale on products, with discounts ranging from 25 to 70 percent off.
Keene CBD opened in March 2019, touting its selection of edibles, lotions, oils and animal treats as the largest in-store CBD selection in the area.
Extracted from hemp plants, CBD doesn't have the psychoactive component that causes people to feel "high" when using marijuana. Some people use CBD products to alleviate pain, anxiety and other symptoms.
Explaining that the CBD market — both locally and online — has become "somewhat saturated and a lot more competitive" since the store opened, Goodell said prices for CBD products have declined sharply. He said the resulting slimmer profit margins influenced his decision to close the shop. The price of hemp biomass — the organic material rich in CBD — fell by 79 percent from April 2019 to April 2020, causing the price of CBD products to fall, too, according to reporting by Hemp Industry Daily.
"I think it was a successful two-year run," Goodell said. "... You gotta know when to get out of things."
Goodell, who also rents adjacent storefronts on Emerald Street, where he runs Wonder Casino and the adult-entertainment store Vybrant, said he has no plans for the vacant shop when Keene CBD closes but doesn't intend to leave the space. Goodell co-owns Wonder Casino with Thomas Leech.
"We think it's time to explore other opportunities," he said.
Caleb Symons can be reached at 352-1234, extension 1420, or email@example.com. Follow him on Twitter @CalebSymonsKS.