CBD Oil: A term for CBD mixed with another oil, such as MCT or hemp oil. CBD oil is generally meant to be absorbed in the mouth or put in a capsule for digestion by the liver. CBD is itself an oil, so the term may also refer to an ingredient in another CBD product such as a gummy.
Tincture: A term for an animal or plant extract dissolved in ethyl alcohol. Some CBD oils are tinctures – the CBD oil and alcohol. Another example of a tincture is the vanilla extract you may have in your cupboard. Some CBD companies use the term tincture as a catch-all for any liquid CBD meant to be taken sublingually, even if there is no alcohol.