Mar 20, 2019
CVS joins cannabis-derived wellness trend selling CBD products
How interest in cannabis market is heating up in the U.S.
CBD has landed at CVS.
CVS Health Corp. (CVS.N) 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.
“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."
The company, 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 U.S. The farm bill passed in December legalized the cannabis compound, opening up a potentially massive market for products made with it.
So far, the U.S. Food and Drug Administration has not approved CBD’s use in food or beverages. But tinctures and other products are sold widely.