CBD is quickly gaining popularity among the general public. So much so that it’s almost impossible to ignore its presence and impact on modern society. With this rise in popularity and the passing of a new federal law, local convenience stores have already opted in on the wave and are now stocking up on CBD products.
CBD is a natural compound found in hemp plants. Unlike THC, it is non-intoxicating. Most people take CBD to complement their wellness routine, while others take CBD because they are curious about the effects and the benefits.
The biggest pharmaceutical chains such as Target and Walmart aren’t stocking up on CBD just yet, but they’re definitely getting ready for when the day comes.
The Post has recently learned that top executives at Walmart and Target have been discreetly meeting with CBD companies to discuss what? Nobody knows. Despite these secret meetings, Walmart announced that they do not have plans to carry CBD products at this time and declined to elaborate on its CBD strategy.
The same thing goes for Target. A Target spokesperson said. “We’re following the discussion, but currently don’t have any immediate plans to carry them.” Although the CBD industry is getting bigger by the quarter, it is understandable that big chains like Target and Walmart are not only doing their due diligence on CBD but are devising the perfect plan for when they do decide to get their feet in the door.
Unlike Walmart, CVS has already started selling CBD products. The drugstore chain confirmed that it is selling CBD products in select states like Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee.
CVS is certainly not the only big chain that has begun to carry CBD products. There’s Kroger, Rite-Aid, and even Walgreens. Let’s look at why big pharmaceutical chains are including CBD in their stores.
1. CBD Became Legal
This is probably the most decisive factor why big retailers are jumping on the CBD bandwagon. Now that the Farm Bill has passed, CBD is legal under federal law. If sourced from hemp plants, CBD products can be purchased and consumed in all 50 states. This means that CBD’s legal status on a federal level is crystal clear; however, on a state level, there are still some discrepancies.
As you probably know, for any drug to be completely legal, it needs to be legal in the state you are buying it from as well as at the federal level. Since most states still need to match the new federal law, CBD might still be illegal in some states.
2. CBD Is Popular
This is no secret; one of the reasons that CBD has become so popular has been that celebrities began to promote it. Then athletes joined in when CBD topicals became a thing. The general public quickly followed when they found the hype to be valid. With hemp legal federally, companies started realizing that the market was real. We are living in an era of CBD products: CBD ointments, CBD pet treats, CBD beverages. It’s only a matter of time until it’ll be harder to find something that isn’t CBD-infused.
3. The Market Is Still New
The CBD market is still in its infancy compared to mainstream drugs and dietary supplements, but things are moving, and they are moving fast. CBD products are now being sold nationwide despite the surrounding legalities.
Kroger, the Cincinnati-based grocery chain is the most current major retailer to stock up on CBD products, offering a variety of topical products in several states, including Kentucky and Indiana.
Kroger officials clarified that CBD-infused products such as oils, and gummies, will not be available at their stores in Ohio due to state regulations prohibiting the sale of hemp-derived CBD products.
The rising CBD market reached a considerable milestone in 2018 when retail sales of CBD products amounted to $600 million. Moving forward, 2019 might be just as exceptional. The latest analysis and forecasts, by leading cannabis researchers BDS Analytics and ArcView Market Research, predicts that the cumulative market for CBD sales will surpass $20 billion by 2024.
4. Future Prospects
The CBD market is on the rise and is not projected to reach its peak anytime soon. Seeing notable pharmaceutical chains such as CVS Health and Walgreens stock up a few CBD products is proof that more powerful players will follow.
Right now, you’re more likely to see CBD products such as oils, gummies, or capsules in smaller chains and stores. Larger retailers are still waiting for permanent state regulations on hemp-based products.