Walgreens to Sell CBD Products in 1,500 Stores | Financial Buzz

Walgreens to Sell CBD Products in 1,500 Stores

Walgreens Boots Alliance, Inc. (NASDAQ: WBA) plans to sell CBD-based products across 1,500 stores in the U.S., according to CNBC. Walgreens insteads to sell CBD creams, patches, and sprays.

Walgreens told CNBC that it plans to sell its cannabis-based products in Oregon, Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois, and Indiana. Walgreens did not specify which products it will carry.

“This product offering is in line with our efforts to provide a wider range of accessible health and wellbeing products and services to best meet the needs and preferences of our customers,” Walgreens spokesman Brian Faith said in an email to CNBC.

Earlier this month, CVS Health Corporation (NYSE: CVS) also announced it would sell CBD-based products within its stores. CVS Chief Executive Officer Larry Merlo told CNBC in an interview that he’s received positive feedback from multiple CBD consumers and told him that it was able to help them manage medical conditions such as pain and arthritis.

CVS announced that it will only sell the products in specific U.S. states such as Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee across 800 stores. Meaning, that Walgreens and CVS will both enter and compete in Illinois, Indiana, Colorado, Kentucky, and Tennessee.

The CBD craze has grown exponentially over the past year due to the medical beneficial effects. The U.S. Food and Drug Administration last year approved of the first CBD-based drug, Epidiolex, which is used to treat epilepsy in young children.

U.S. President Donald Trump signed the U.S. Farm Bill into effect, which made hemp legal. However, the FDA still warns companies that it cannot add CBD to food or sell it as a dietary supplement.