CVS joins cannabis wellness trend by adding CBD products
Google Plus Rogelio V. Solis/Associated Press/File A CVS Pharmacy building sign rests on a Jackson, Miss., store. By Craig Giammona Bloomberg News March 21, 2019
CBD has landed at CVS.
CVS Health Corp. this week will begin selling products infused with the trendy, non-intoxicating hemp component at more than 800 of its stores as part of a partnership with marijuana company Curaleaf Holdings Inc., Curaleaf said Wednesday.
Curaleaf announced the agreement during an earnings conference call on Wednesday. The company’s CBD products will be available in about 800 stores to start, Curaleaf said on the call, and hopes to expand to more.
Advertisement “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.”
Get Today’s Headlines in your inbox: The day’s top stories delivered every morning. CVS confirmed that it has started selling CBD creams, sprays and lotions in eight states, including California, Illinois, Colorado, and Alabama. The products will be sold in store aisles, and the drugstore chain isn’t offering any supplements or food additives containing CBD, a company spokesman said in an e-mail.
CVS has almost 10,000 pharmacies worldwide. Curaleaf, which operates more than 40 marijuana dispensaries across 12 states and recently pushed into Nevada and California through acquisitions, has developed a slate of hemp-derived products including lotions, tinctures, vape pens, and patches.
CBD, or cannabidiol, which doesn’t get you high, has become a trendy wellness ingredient, gaining popularity as regulations are eased across the United States. The farm bill passed in December legalized the cannabis compound, opening up a potentially massive market for products made with it.
So far, the US Food and Drug Administration has not approved CBD’s use in food or beverages. But tinctures and other products are sold widely.
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