(FOX BUSINESS) – CVS is slowly entering the business of offering CBD products, according to a report from FOX Business.
In a statement to FOX Business, the pharmacy chain said it started selling CBD products Opens a new window. , or products with cannabidiol, which is the non-psychoactive component of marijuana, last week in selected states across the country.
More than 800 stores in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee will now offer CBD products as part of a distribution agreement with Canadian Marijuana company Curaleaf Holdings Inc.
"These The products include topical substances such as creams, sprays, rolls, lotions and ointments.We do not sell any CBD containing supplements or food additives.We have collaborated with CBD product manufacturers that comply with current laws and meet CVS's high quality standards, CVS said
After the news, CVS CEO Larry Merlo told CNBC that the move was followed by its customers, who previously used CBD products, saying that it helped with pain relief for arthritis and other ailments.
But Merlo said that the company is planning to go "slowly" with the new initiative. "" But we think this is what customers are going to look for as part of the health services, Merlo added. 1
Curaleaf announced its agreement with CVS during a earnings call on Wednesday. The Curaleaf share, which is listed in Canada, jumped the news, giving the company a market value of over $ 3.1 billion.
The company's CEO, Joseph Lusardi, added on Wednesday that it has been in dialogue with several other national dealers for many months now, in addition to CVS, and it has a number of "potentially exciting partnerships in the pipeline."
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