CVS Health Corporation is one of the world’s largest retail pharmacies and health care companies. Consumer Value Stores was founded by the Goldstein brothers, Stanley and Sidney, and Ralph Hoagland in 1963. After joining the Melville Corporation, CVS spun off from it in 1996 and became its own organization, trading on the New York Stock Exchange.
In 2018, CVS Health was one of the top ten companies on the Fortune 500 with over $180 billion in annual revenue. It was only a matter of time before the corporate giant got involved in CBD and it recently announced details of its plans to stock CBD topicals in eight of its American stores.
Jumping on the CBD Bandwagon
Soon after CVS’ announcement, one of its main rivals, Walgreens, also stated its intention to sell CBD products in its stores. This is a sure sign that CBD has entered the mainstream; just a few years after it was dismissed as nothing more than a fad and a novelty item.
Like Walgreens, CVS is somewhat cautious in its initial foray into the CBD sphere. It has over 10,000 locations in the U.S. alone, but CBD will only be available from a relatively small percentage of CVS stores in the following eight states: Illinois, Colorado, Alabama, California, Kentucky, Tennessee, Maryland, and Indiana.
It is also important to note that neither edibles nor CBD-derived supplements will be available. However, customers can purchase lotions, roll-ons, sprays, salves, and creams. In many ways, it is not a surprise that major pharmacies are getting involved in CBD in 2019. At the end of 2018, the Farm Bill made it legal for Americans to grow and sell industrial hemp.
Since CBD can be extracted from hemp, it is easier than ever for suppliers to get hold of premium-grade cannabidiol. The CBD market itself could be worth as much as $22 billion within three years. CVS has joined other renowned health and beauty companies such as DSW, Free People, Authentic Brands Group, Neiman Marcus, and Sephora, who have all become involved in CBD.
What CBD Brands is CVS Selling?
Elevate CBD is one of the biggest beneficiaries of the news as the firm’s CBD-infused pain relief cream will be sold in over 1,500 CVS stores.
The cream is full-spectrum, which means it contains several cannabinoids including CBD, but crucially, it contains less than 0.3% THC, the maximum legal limit. Each 4oz tub contains 140mg of cannabinoids and is available for $39.99. It is designed for pain relief, and proponents say it does an excellent job of treating their aching muscles and joint pain. Buyers can choose between two varieties: cooling and warming cream.
Medterra is another big winner, as CVS announced that it would be selling the California-based brand’s topical cooling cream. The cooling cream that will be available in CVS is a combination of CBD and other certified organic ingredients. The brand claims that its cream provides users with a cooling feeling, which makes it ideal for sore joints and muscles.
There are well over 20 ingredients in the cream, including sunflower seed oil, cetyl alcohol, grapefruit seed extract, xanthan gum, and Arnica flower oil. According to Medterra, the cream contains 99.6% pure CBD. Choose between the 250mg tub for $49.95 or the 750mg tub for $89.95.
Read the complete MedTerra CBD review here.
Curaleaf is yet another CBD brand that will have its products stocked in CVS stores. According to Joseph Lusardi, the CEO of the company, Curaleaf products will be available in 800 stores at first, with the expectation of the number increasing. CVS is selling Curaleaf patches and hemp lotions.
Final Thoughts on CBD Oil in CVS
Overall, the news that CVS is going to carry CBD products is yet another boon for an industry that appears to have great momentum. Having colossal corporations such as Walgreens and CVS, throwing their weight behind CBD will inevitably help the industry move forward. CVS is a brand that takes pride in its status as a health care heavyweight. In 2014, it was the first national pharmacy to stop selling tobacco products. And its latest venture could provide the seal of approval that the industry desperately needs.