CVS Launches CBD Oil Sales in 800 U.S. Pharmacies
Curaleaf Holdings Inc. has announced a partnership with CVS, the largest pharmacy chain in the United States, to begin selling CBD extracts derived from industrial hemp in 800 CVS stores across eight states. These therapeutic extracts will be available as early as next month, making them accessible in a significant portion of CVS’s more than 10,000 locations nationwide.
Product Range and Availability
According to a CVS spokesperson in an interview with MarketWatch, the company plans to offer CBD oil extracts in several forms, including topical creams and sublingual sprays. “Thanks to our new partnership, we can begin large-scale sales of CBD products that meet national health standards as early as next week,” the spokesperson stated.
CBD extracts will be available in CVS stores located in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee. However, the company will limit its offerings to oil extracts and will not produce or sell CBD-infused beverages or food products at this time.
Curaleaf’s Perspective and Future Plans
At a press conference held last Wednesday, Curaleaf CEO Joseph Lusardi expressed enthusiasm about the collaboration with CVS, stating his hope for a long and productive partnership. He also announced that the first CBD products, particularly topical lotions, would begin appearing in stores in the listed states by the end of the current week.
Lusardi is optimistic that within a few months, CVS will agree to expand CBD product sales to more stores in additional states. “I’m extremely pleased that months of negotiations have resulted in such a successful agreement,” he told reporters. “I also believe that demonstrating the profitability of CBD product sales will soon allow us to expand our partnership, potentially reaching the entire national market.”
Curaleaf’s Expansion and Market Impact
Currently, Curaleaf operates 40 cannabis-related businesses in 12 states. In recent months, the company has opened new stores and cultivation sites in Nevada and California. Following the passage of the Farm Bill, which legalized industrial hemp production, Curaleaf has expanded its line of CBD products, aiming to capture a significant share of the national therapeutic market.
At present, federal and state laws primarily allow the production of various forms of CBD extracts. However, U.S. health authorities have indicated they will consider legalizing the production and sale of CBD-infused food products in the near future, possibly as early as April.
After the CVS partnership was announced on Wednesday, Curaleaf’s stock price rose significantly the next day. The company’s shares, which had already increased by 50% over the past three months, jumped another 20%, bringing its market capitalization to $32 million at the end of the quarter, despite a $16.5 million loss during the period. Meanwhile, CVS shares also rose by 2% following the news of the partnership.