America continues to embrace the CBD revolution. Cannabidiol, or CBD, is the famous anti-inflammatory cannabinoid making headline news each day. Companies, particularly those in the health and medical industries, are taking notice. CBD is now an essential choice for the market. Recently, pharmacy and drug store giant CVS announced plans to add CBD products to its shelves in the coming months.
Changing Public Opinion
The drug store franchise intends to market topical CBD products, such as roll-ons, sprays, and creams, as another source of relief. Over the last few years, society has had an almost complete turnabout in its perception of cannabis and derivatives of it. Since the Marijuana Tax Act of 1937 effectively prohibited it, prevailing awful narratives skewed public perception of cannabis and the industry as a whole.
However, the momentum of state legalization is due to the heightening public awareness of the medical properties of cannabis. This, in turn, led to the growing support of its widespread use. A recent Gallup poll found more Americans in favor of legalization than at any other time in history. Even most Republicans are now supportive of it, with many even pushing for legalization at the federal level.
Profitability of CBD
The market for CBD is reaching explosive proportions. With states legalizing at an increasingly rapid pace, the popularity of CBD continues to near boiling point. It is only a matter of when CBD sales exceed those in the health and wellness industry, with some even suggesting it could grow into a billion-dollar market by 2022. CVS is investing in the marketability of CBD.
The company is placing ointments, sprays, topicals, and other CBD-rich products onto shelves in over 800 stores in eight states, being Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee. Access to CBD will never get easier than walking into any drug store. However, some consider CVS’s gamble on CBD risky, thinking it might be wiser for the company to wait.
Although 800 might seem a very high number of stores, it is only a tiny fraction of what CVS actually owns and operates. The company has over 9,800 stores across the United States, so the first 800 stores are just a trial run to test demand for CBD. If the company enjoys significant profits and an increase in customers, then it is likely to decide to introduce CBD into all of its other stores too.
Successful companies base some of their choices on what their competitors are doing in the industry. CVS is not and will never be the only major pharmaceutical giant to stock CBD on its shelves. In fact, most others are already studying CBD and innovating new ways to bring it to the consumer. Whether the risk CVS takes pays off or not, CBD is here to stay. In fact, it is already a staple in home medicine.