From our founder: Here's why our prices are dropping.
by Gunhee Park
To our Populum family,
I want to start this letter by thanking every single one of you for being a part of our journey so far. We started in 2016 as a bootstrapped company with a mission to bring high-quality and transparent hemp CBD oil to the people, and we have been so grateful to grow alongside you. Last year, we spread Populum to over 10,000 new customers, released a rebrand that best represents who we are, expanded our team of happy, creative, and mindful people, and, best of all, we were able to put the power of hemp in the hands of thousands and thousands of people.
However, we want to take this to the next level with you. We want to make premium, quality hemp CBD even more accessible for our customers, and we feel so lucky to be able to offer you new lower prices on our product line.
We are dropping all of our tincture prices by 10-20% starting today.
Transparency is one of our top values here at Populum, so I would like to take a moment to outline how we were able to make this possible.
1. You. Plain and simple.
Due to our volume of orders skyrocketing, we're able to scale and reduce our unit cost in production and sourcing. Essentially what this means is that we are able to leverage our scale to produce more at a lower cost and put 10-20% of your cost back in your pocket. You are the ones who brought us here, and we want you to reap the benefits of these exciting advancements in our company by having that money go directly back to you.
2. The hemp industry is opening up and expanding
With amazing strides in legislature and normalization of hemp as a crop, more and more farmers are cultivating hemp and states are opening their doors to welcome hemp farming in their state. In 2018, the latest Farm Bill passed which categorized hemp as an industrial crop and opened doors for more farmers to plant hemp -- 22 states and counting are now a part of this agricultural revolution. Because of this incredible shift in our industry, costs of our raw materials have gone down and our price point no longer has to compensate for that cost.
3. Our customer satisfaction has been through the roof
We pride ourselves on customer loyalty here at Populum, and we've been fortunate that our single biggest driver of growth has been through all of you referring your friends and family. Just this past year, our monthly subscribers increased by 300%. Prioritizing our customers and putting customer service first has resulted in a minimal return rate and large savings in our operational cost. All of this has allowed us to utilize those savings to take the steps to reduce all our prices across the board.
So, what’s next?
Now that we have seen these amazing changes take place at Populum, we are excited to shift our focus to bringing you even more high-quality and accessible products. We now have the bandwidth to expand our company even further, from focusing on developing more user-friendly and fun products to finding ways we can make your experience even better. We have a lot of new and exciting things on the horizon in 2019 that we can’t wait to show you.
We are so thrilled to enter this new chapter of our company alongside you, and we are grateful to share the power of hemp with you every day. It’s amazing to see how far Populum has come and we are all looking to the future with excitement about how we can help improve the quality of your day-to-day life.
Wishing love, health, and hemp. To the people.
Founder and CEO