Walgreens Joins CVS, Will Start Selling CBD Products In Select Stores
CBD's expansion in the retail space continues as a new drugstore chain has confirmed it will start offering CBD products in select states.
The products will include CBD patches, creams and sprays and will hit the shelves in Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois and Indiana.
Walgreens has not disclosed additional details about its CBD offering.
Why This Is Important
CBD is becoming a hot topic in the U.S. retail space, particularly wellness and beauty retail. As more people are considering including CBD in their daily wellness routines, major retailers are stepping in, emboldened by the full legalization of hemp-derived CBD in the 2018 Farm Bill.
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Last week, it was reported that CVS will start carrying Elevate CBD brand products and will soon offer Curaleaf Holdings Inc (OTC:CURLF) products.
Walgreens and CVS will compete in a number of states, including Colorado, Illinois, Tennessee and Kentucky. CVS will also sell CBD products in California, while Walgreens will enter New Mexico, South Carolina, Vermont and Indiana. It's both companies' first step in the CBD market.
A number of retailers, such as DSW Inc. (NYSE:DSW) have recently started offering CBD products and they are widely available online. For drugstore chains, offering CBD products is a natural step, given the popularity of the cannabinoid and its market potential. Brightfield Group estimates the U.S. CBD market to reach $22 billion by 2022, although this estimate also included CBD used in drugs like GW Pharmaceuticals plc (NASDAQ:GWPH)'s Epidiolex and Sativex.
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