One of the largest pharmacy brands in the U.S. is looking to get involved in the CBD field, which could be a further signal that hopeful projections for the products are being fulfilled.
Regulatory uncertainty has meant many companies have chosen to avoid CBD infusions in food and drink. Though exceptions exist, the CVS rollout has fit the pattern by offering only topicals, like roll-ons, lotions and the like. [1]
The 2018 Farm Bill truly continues to shed its fruits on the cannabis market, as CVS leadership cited it, along with increased consumer curiosity, as the reason they started selling CBD last week. [1]
In an interview with CNBC Thursday, CVS CEO Larry Merlo said, “Anecdotally, we've heard from our customers that have used those products that, gee, it's helped with pain relief for arthritis and other ailments.” [1]
According to reporting in Bloomberg, over 800 locations of CVS pharmacies in select markets are already supplying consumers with CBD products. [2]
Curaleaf Holdings, Inc. is handling the supply of all the CBD products CVS markets are selling, but has already made a name for itself in the broader cannabis world. Curaleaf operates over 40 marijuana dispensaries in 12 U.S. states, but the move into CVS locations was still a boon.
Bloomberg reports that Curaleaf’s stock prices saw a 17 percent bump on Thursday, after the Wednesday announcements that they’d been working with CVS. [2]
From Bloomberg:
“‘We’ve been having dialogue with national retailers for many months now,’ Curaleaf Chief Executive Officer Joseph Lusardi said on the call Wednesday. ‘We’ve got a number of potentially exciting partnerships in the pipeline.’” [2]
The pharmacies operated by CVS number over 10,000 worldwide, so the 800 locations where CBD is currently sold.
Colorado, Illinois, California and Alabama are among those states selling the topical CBD from Curaleaf in CVS locations. [2]
CNBC reporting described an interview where CEO Merlo characterized CVS’ movement into the cannabidiol scene as “slowly walking” into the field of products and sales.
Even though it is just a pilot program for the family of pharmacy locations, the change in such a large chain of businesses could become a sounding bell for the broader marker for CBD, where some analyses predict the market value for products in the U.S. could reach $16 billion by 2025. [3]
Meanwhile, the market for CBD in Minnesota is booming in a similar fashion. Plus, specialty shops often beat out generalized offerings at places like pharmacies when it comes to know-how.
For all of your CBD needs in the Twin Cities area, check out Nothing But Hemp and its three locations in Minneapolis, Maplewood and Forest Lake.
With killer knowledge and industry expertise at the hands of its employees and a welcoming atmosphere, Nothing But Hemp offers the CBD brands and products you can rely on.
Sources
[1] https://www.cnbc.com/2019/03/21/cvs-starts-selling-cbd-products-in-some-states-after-hearing-from-customers.html
[2] https://www.bloomberg.com/news/articles/2019-03-20/cvs-joins-cannabis-derived-wellness-trend-selling-cbd-products
