Retail pharmacy chain CVS Health Corp (NYSE: CVS) will start carrying CBD products from Axcentria’s Elevate CBD brand and will soon offer Curaleaf Holdings Inc (OTC: CURLF) products in select stores across the United States.
Elevate CBD products are available in over 1,500 CVS stores in eight states, including California, Illinois, Maryland, Colorado, Alabama, Indiana, Tennesee and Kentucky.
Elevate CBD said in a blog post Wednesday its Pain Releaf Cream is available in heat or cooling releaf therapy and is suited for people looking for a remedy against chronic pain, sore tired muscles, arthritis pain, joint health, stress, anxiety, and sleep deprivation.
During Curaleaf’s earnings conference call Wednesday evening, company executives said CVS will start offering its Curaleaf Hemp lotions and transdermal patches in around 800 stores.
“We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS’s high standards for quality,” CVS said in a statement.
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Why This Is Important
The legalization of hemp-derived CBD served as a catalyst for the consumers’ interest towards CBD and its benefits. More and more retailers and consumer product manufacturers have been exploring the addition of CBD as part of their offering. Earlier this year, shoe retailer DSW Inc. (NYSE: DSW) started carrying CBD products under Green Growth Brands Inc (OTC: GGBXF)’s Seventh Sense brand.
Jefferies projects the global market for CBD beauty products could hit $25 billion within 10 years.
Elevate expects the demand will be strong and more stores will start carrying not just its CBD Pain Releaf Cream but other products as well. Curaleaf products are expected to be introduced Friday in stores and later on the CVS website as well.
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