It was just a matter of time when the major pharmacies would start picking up on CBD products. Now it’s finally happening, as CVS announced they’ll soon offer topical products including creams, sprays, roll-ons, lotions and salves.
CBD has been praised in the media and among scientists as a treatment for a wide range of conditions—including anxiety, pain, inflammation and more.
In light of that, one of the biggest pharmacies in the United States just announced they’ll start selling CBD products in over 800 stores, across 8 states.
CBD was illegal on the federal level up until December, as cannabinoids were a scheduled substance. Previous Congress legalized CBD and its production with the Farm Bill.
CBD products in 8 states
Products with CBD will be sold in 8 states across the US: Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee.
CVS Health CEO, Larry Merlo, discussed the company’s move in an interview Thursday on CNBC, saying how the company’s been getting requests for CBD products for a while now.
“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,” Merlo said in the CNBC interview.
CVS Health spokesman, Mike DeAngelis, said in a statement that there will be no CBD-infused edibles, as it is illegal to introduce drug ingredients like CBD into the food supply or to market them as dietary supplements.
In an attempt to assure accurate labeling and safety for customers CVS found a partner in Eurofins, a third party laboratory which will test all CBD topicals for THC, CBD content, and other contaminants.
Certain factions in the market are worried that the legalization of CBD could open up space for those looking to produce and sell subpar products. Cases of fake CBD oil have popped up every now and then in most states, however that was not as big of an issue as synthetic weed.
Market size could reach $16 billion
A new projection for the CBD market size came in just a few days ago, and this one is even more optimistic than any before.
According to a new analysis by Cowen & Co. the global CBD market could grow all the way up to $16 billion by 2025.
Cowen’s January survey of approximately 2,500 adults found that nearly 7% of Americans are using CBD as a supplement, but Cowen says its use could grow up to 10% of all U.S. adults.
This survey found that CBD use is most common among people aged 18 to 34. Tinctures accounted for the biggest chunk of the market at 44%, followed by topicals at 26%, capsules at 22% and beverages at 19%.