CVS pharmacy chain to sell CBD products

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Cannabidiol is coming to some pharmacies in the U.S.

Pharmacy chain giant CVS is embracing cannabis. It has reportedly authorized the sale of cannabidiol (CBD) products in some of its stores across the U.S., further legitimizing the rightful place cannabis has in being used as medicine and a viable alternative to conventional, lab-created drugs.

CVS will allow 800 stores in eight states to sell CBD products through a deal it struck with Curaleaf Holdings, Inc. Those eight states include Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee.

The company said in a statement, “Anecdotally, we’ve heard from our customers that have used those products that, gee, it’s helped with pain relief for arthritis and other ailments… These products include topicals such as creams, sprays, roll-ons, lotions and salves. We are not selling any CBD-containing supplements or food additives. We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS’s high standards for quality.”

In an interview with CNBC, CBS CEO Larry Merlo added that the company is stepping slowly into the CBD space, adding, “But we think this is something that customers are going to be looking for as part of the health offering.”

Curaleaf had announced the partnership with CVS during a conference call on Wednesday. The news saw the company’s stock jump, increasing its market value to over $3.1 billion. Joseph Lusardi, Curaleaf’s CEO, added that the firm is also in the process of negotiating similar deals with other national retailers and that it has a number of “potentially exciting partnerships in the pipeline.”