Leading drug store chain CVS Pharmacy says it is now in the cannabis business. The pharmacy is selling CBD products in select locations throughout eight states.
“We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS’s high standards for quality,” the company said in a statement.
CVS is selling a range of cannabidiol-containing products from brand Curaleaf including topical creams, sprays, lotions, and salves. CVS says it is not yet selling products intended for internal use, such as supplements or edibles, as regulations on products intended for internal use are still unclear in some key markets.
“We’ve been having dialogue with national retailers for many months now,” Curaleaf Chief Executive Officer Joseph Lusardi said to reporters Wednesday. “We’ve got a number of potentially exciting partnerships in the pipeline.”
The announcement saw immediate gains for Curaleaf, with a market value now at more than $2.6 billion, and according to Bloomberg, the stock had already gained 41 percent this year.
CBD is gaining traction as a miracle supplement. The non-psychoactive compound found in cannabis can be extracted from both hemp and marijuana plants. It's regarded as an effective treatment for pain and inflammation as well as improved mood, reduced anxiety, and resolving sleep issues.
But it shows promise as well for more serious conditions such as treating seizures. The Colorado-based brand The Stanley Brothers made headlines when its CBD products helped to significantly reduce seizures in a young girl named Charlotte who suffered from Dravet Syndrome. The company's most popular product line is now marketed as Charlotte's Web.
CVS is selling CBD products in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee.
Related on Organic Authority