After President Trump signed the Farm Bill into law in December 2018, the hemp-derived CBD floodgates flew open and the rush is strong. Among other things, the bill legalized hemp production, which contained high levels of CBD. Now sold in mom-and-pops, coffee shops, and high-end department stores, CBD products are making their way to some major retailers.
Most recently, rival drugstore chains CVS and Walgreens announced they will be selling CBD products. Troy Dayton, CEO of The Arcview Group, a California-based cannabis investment and research firm, stated “Literally overnight, you’re seeing CBD all around you and in everything. This is a product that is going from relative obscurity to being on everyone’s mind: producers, consumers and especially entrepreneurs.” In other words, profit, health, and happiness for all!
Taking the plunge, CVS told FOX Business that over 800 stores in eight states will now offer CBD products. “These products include topicals such as creams, roll-ons, lotions, and salves. We are not selling any CBD-containing supplements or food additives. We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS’s high standards for quality.”
After the news broke, CVS CEO Larry Merlo told CNBC that the unfolding decision was prompted by customers who have used CBD products in the past and said it helped with pain relief for arthritis and other ailments. However, CVS is going to take it slow, presumably because of the limbo state CBD is in with the FDA.
Following suit, Walgreens will soon start selling CBD-infused products in select stores across the country. In a statement to FOX Business, Walgreens Boots Alliances Inc. said it will sell CBD creams, sprays, and patches in approximately 1,500 stores in nine states.
The goal for Walgreens is to provide a wider array of “accessible health and wellbeing products and services” to best meet the needs of the chain’s customers.
Just The Beginning
With the Farm Bill signed, FDA regulation of CBD products is not yet determined. Scott Gottlieb, the FDA’s current commissioner, reported that it could take several years before the agency completely legalizes CBD for use in food products and dietary supplements—which is most likely why CVS and Walgreens are steering clear of ingestibles for the time being.
That said, the Arcview Group does forecast that CBD sales will outpace legal marijuana sales in the U.S. in five years. As for FDA guidelines regarding the extent and use of CBD, we will just have to wait and see. In the meantime, get to know us! Stock CBD Supplements is your premier full-service provider with a variety of to choose from. We handle everything from research and development to packaging and order fulfillment. Speak with an expert