After much mystery, CVS will now sell CBD Oil in 8 states. They confirmed a partnership with Curaleaf, and will begin to sell CBD Oil in 800 of their locations. This number amounts to 10 percent of CVS shops, a huge step for cannabis since the drugstore is the largest one in America.
Cannabidiol has gained traction and recognition over the last couple of years, managing to weedle itself into all sorts of industries, primarily beauty and health. In terms of reach, CVS’s involvement is one of the most significant investments for the growing CBD industry.
CVS’s stores will market CBD oil as “relief source.” Products will be located in eight states, including California, Colorado and Nevada, which are some of the most cannabis friendly U.S. locations.
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“We are carrying hemp-derived CBD products in select states to help meet consumer demand for alternative care options,” said CVS’s Health Spokesperson Mike DeAngelis.
Yahoo Finance reports that CVS’ partnership with Ceraleaf has resulted in a 17 percent increase in the cannabis company’s shares.
Although CBD is still heavily monitored within foods and beverages by the FDA, this acceptance by the health industry is a symptom of a much larger and welcoming phenomenon, putting cannabis investors in an interesting and unpredictable situation. No one can really say when these restrictions will loosen up, but if businesses take a chance and federal laws work in their favor they could see a incredible returns.
CVS has an innovative history. The first Consumer Value Store selling health and beauty products is founded in Lowell, Massachusetts in 1963. A year later, the name is changed to CVS. In 1972, CVS nearly doubles in size with the acquisition of 84 Clinton Drug and Discount stores. In 2015, CVS Health acquired Target’s 1,672 pharmacies across 47 states and will operate them through a store-within-a-store format, branded as CVS/pharmacy.
