When you go to a major pharmacy chain, what do you expect to see on the shelves? Most people are hoping to find a large variety of good-quality OTC products.
This includes cold and pain medications, ointments, hygiene supplies, supplements and more. Nonprescription products are vital to managing certain health conditions and maintaining the company’s profits. When it comes to therapeutic versatility, there are very few substances that can rival cannabidiol. It’s for this reason that consumers are drawn to it, and because of its current popularity, large pharmacies like CVS and Walgreens are jumping on the CBD bandwagon.
That being said, choosing which CBD products to stock in a pharmacy can be a challenge. They have to make sure that whatever brand they settle on is effective, safe, and in compliance with local, state, and federal legal requirements. It can get a bit thorny, but if done correctly, pharmacies can create a profitable business niche while ensuring that their customers/patients are receiving legitimate, top-notch products.
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CVS CBD Deal
Now in CVS: OTC Registered CBD Pain Relief Products
Established in 1963, CVS Pharmacy has grown to a dominant national chain with over 9,800 stores in the United States. They recently struck a deal with Massachusetts-based Curaleaf to sell hemp lotions and transdermal patches starting this month. Initially, these products will be sold at 800 stores in 10 states.
“All large retailers are figuring out their hemp strategy and will address that in 2019 because there is such a huge product demand,” said Curaleaf CEO Joseph Lusardi. The distribution deal was announced during Curaleaf’s investor call while discussing fourth-quarter and full-year earnings.
Walgreens CBD Deal
Just like CVS, Walgreens has nearly 10,000 stores across all 50 American states and they’ve been operating since 1901. The drug retailer recently announced that they will also begin selling CBD products at 1,500 stores in 9 different states – Colorado, Illinois, Indiana, Kentucky, New Mexico, Oregon, South Carolina, Tennessee and Vermont. The company declined to reveal what brands they plan to sell.
Walgreens will be selling CBD products in 9 states
“This product offering is in line with our efforts to provide a wider range of accessible health and well-being products and services to best meet the needs and preferences of our customers,” Walgreens spokesman Brian Faith told CNBC in a recent interview.
Final Thoughts
Sounds like Curaleaf is working smart by making these large deals. They currently operate in 14 states with 42 dispensaries, 12 cultivation sites and 11 processing plants. Eventually, both CVS and Walgreens will be selling CBD products in every single state, and more pharmacies are sure to follow suit.
For more updates on business deals and other important cannabis stories, make sure to subscribe to our Weekly Newsletter, the top source for all things cannabis-related.
