CVS starts selling CBD products in 8 states

CVS is "slowly" committed to the CBD product sector.

In a statement to FOX Business, the pharmacy chain announced that it had started selling CBD-based products, or products containing cannabidiol, a non-psychoactive component of marijuana, last week in some states of the world. country.

More than 800 stores in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee will now offer CBD products under a distribution agreement with the United States. Canadian marijuana company Curaleaf Holdings Inc.

"These products include topical products such as creams, sprays, roll-ons, lotions and ointments. We do not sell supplements or food additives containing CBD. We have partnered with manufacturers of CBD products that comply with applicable laws and meet the high quality standards of CVS, "CVS said in a statement.

Following this news, CVS General Manager Larry Merlo told CNBC that the decision had been made by its customers, who had been using CBD products in the past, and that they were helping to relieve the problem. pain caused by arthritis and other diseases.

However, Merlo said the company plans to walk "slowly" with the new initiative.

"But we think it's something that customers will look for as part of the health offer," added Merlo.

This decision also comes after President Donald Trump signed the Farm Bill, which legalized the hemp derived CBD. However, the Food and Drug Administration has not approved the use of CBD in foods or beverages.

Curaleaf announced its agreement with CVS during a conference call on Wednesday. Curaleaf shares, listed in Canada, made the headlines, giving the company a market value of more than $ 3.1 billion.

The company's CEO, Joseph Lusardi, added Wednesday that he has been dialoguing with several other national retailers for several months, in addition to CVS, and that he foresaw a number of "potentially promising partnerships".