CBD Products Entering CVS Pharmacies
Last updated October 27, 2020
In recent Cannabis news, longtime DIZPOT customer, Curaleaf, has just closed a deal with CVS pharmacies to sell CBD products in over 800 of their locations across eight U.S. States. This unprecedented event compelled by Curaleaf, led to a 17% stock spike overnight. Innovative growth into mainstream retail will ensure continual growth. More states and locations are expected to pick up their products in the coming months, but since the legality of CBD is still unclear, there are roadblocks to navigate for placement on shelves.
It is a common misconception that CBD is fully-legalized. Congress passed the Farm Bill back in 2018, which removed Hemp’s status as a Schedule 1 substance, but the DEA insists that CBD remains Schedule 1 since it is Cannabis-derived. CBD sales can be a harrowing business in states like Texas and Alabama, where state laws on Cannabis are much more strict than federal regulations, and police raids are a potential threat. Despite all of this, Curaleaf’s products can be found in CVS stores in Alabama.
Another constraint Curaleaf is facing is the fact that CBD products are not FDA-Approved for consumption. Topicals, lotions and serums do not have to be FDA-Approved to be sold at CVS, but no health benefit claims can be made to the consumer. This will be the next big step for all CBD brands, since a sizeable majority of CBD products are ingestible, like gummies, beverages, and candies, among others. Society’s views on the non-psychoactive substance are undoubtedly beginning to shift as CBD is more often recognized for its effective therapeutic qualities.
Perhaps the largest indicator of this shift is Walgreen’s and Rite Aid’s announcements late last month that they too would be following suit and selling CBD products. Amazon has been selling Hemp products via their online platform for some time now and will presumably sell CBD products once proper legislation has passed.
DIZPOT applauds its friends at Curaleaf, as well as other DIZPOT family organizations preparing to make the same leap!
Article Composed by Sawyer Bolger