Synopsis: CBD Is Being Sold At The Largest Drugstore Chain In The U.S.
“CBD is being sold at the largest drugstore chain in the U.S.”, gives us this week’s Hot #Zinfo. Written by Max A Cherney, and published by Market Watch, the article discusses CVS’s announcement to start selling CBD products.
Shampoo, milk, eggs and now CBD products are items you can pick up at a local CVS within eight states.
That’s right CVS, the largest pharmacy chain in the United States, sells Curaleaf Hemp lotions and transdermal patches. The products will be offered across 800 stores located in Alabama, Colorado, California, Illinois, Indiana, Kentucky, Maryland, and Tennessee.
Today, the USDA still considers CBD to be an illegal substance, so it’s not allowed in food. However, in some states, it is legal to sell CBD supplements and ointments over the counter.
CVS has strategically maneuvered in the market place by optimizing on the national legalization of hemp. Some hemp plants contain CBD only. Therefore, CVS can sell these types of hemp products within states that have already legalized CBD and other cannabis-related products. For consumers who may already buy products from a local CBD or cannabis retailer, CVS offers the luxury of card payment acceptance.
Local retailers in cannabis approved states don’t have access to federal banking, making it a cash-only business. CVS and other national retailers, if they choose can sell these CBD products without breaking any federal law. Sounds like a pretty big loophole for big chain retailers to bypass one of the biggest thorns that currently face the legal cannabis industry.
Over the past few years, CBD has become a more popular treatment for anxiety and various other ailments. The use of CBD appears to bring symptomatic relief, but there isn’t any official scientific proof provided by the FDA to support these claims.
Since the big announcement, Curaleaf stock value has increased. With legalization becoming more widespread and national retailers like CVS buying into cannabis related products, many believe now is a great time to start adding cannabis stocks to your investment portfolio.
Do you think other national retailers will follow in CVS’s footsteps? And if so, how do you think this will impact local cannabis retailers who sell CBD products? Let us know on our Facebook page.