CVS is officially getting into the business of offering its customers CBD products–and that’s a pretty big deal.
In a statement to FOX Business, the drugstore chain said that it started selling CBD products–or products with cannabidiol–which is the non-psychoactive component of marijuana, last week in select states across the country.
Curaleaf Holdings Inc. has announced that CVS is going to sell its CBD products in roughly 800 locations upon launch, per MarketWatch’s report on a Curaleaf earnings conference call held on Wednesday. CVS currently stands as the biggest drugstore chain in the entire nation, so this move is a huge step in the latest coup for cannabis commerce at large.
“We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS’s high standards for quality,” a company representative said about the announcement, adding that “as of last week” CBD products including creams and lotions were already being sold at locations in eight different states.
More than 800 stores in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee will now offer CBD products as part of a distribution deal with Canadian marijuana company Curaleaf Holdings Inc. Cannabis is currently legal for medicinal use in 33 states and D.C., with 10 states boasting the full-blown recreational legalization distinction. As a result, the legal weed industry bagged a whopping $10.4 billion in 2018 alone.
CBD is not really what anyone is looking for in terms of a achieving a recreational high, but for some reason, it is still a source of mild controversy for some. Outgoing Food and Drug Administration (FDA) commissioner Scott Gottlieb predicted earlier this month that without some sort of action at the congressional level, the development of agency rules and regulations on the use of hemp-extracted cannabidiol in food could take years.
CBD has been getting a lot of publicity from people suffering from certain mental health issues, with claims that it helps ease anxiety and other conditions. The product recently received a raving public testimonial from Lamar Odom, who partially credits it with saving his life. “It’s a perfect time to offer these cannabis solutions to the public who may be going through similar body issues as I am,” Odom told The Blast last year.
Following the news of CVS’ new product addition, CEO Larry Merlo said on CNBC that the move was prompted by its customers, who have used CBD products in the past and said it helped with pain relief for arthritis and other ailments.
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