After much mystery, CVS confirms that they’ve partnered up 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.
“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.