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America’s biggest pharmacy is getting into cannabis.
CVS Health (NYSE: CVS) will begin selling CBD products at 800 stores in 10 states.
That appears to be an initial test. CVS operates 10,000 stores in the U.S. and could roll out CBD nationwide.
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CBD is derived from hemp and is reported to have health benefits. The 2018 Farm Bill – signed in December – legalized hemp nationwide.
However, CBD products will be regulated by the U.S. Food & Drug Administration. And the FDA hasn’t yet formally approved CBD products.
That’s not stopping 3.6 million Americans from using CBD products. Meanwhile, CVS isn’t waiting for the FDA to approve these products.
CEO Larry Marlo told CNBC, “We’ve heard from our customers that have used those products [CBD] that it’s helped with pain relief. We’re going to talk slowly, but we think that this is something that customers are going to be looking for.”
CVS will be sourcing CBD products from a Massachusetts company called Curaleaf (OTC: CURLF).
Shares of the stock jumped 38% on the news – and it’s now trading at an all-time high.
Meanwhile, CVS shares rose slightly on the news.
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Curaleaf is one of America’s largest multi-state cannabis operators.
The company operates 24 dispensaries in 12 states. And by the end of 2019, Curaleaf plans to operate 70 dispensaries.
In October, the company went public and raised $400 million from investors. Today, the company is valued at $4.4 billion.
Curaleaf expects to generate $400 million in sales this year.
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Ian Wyatt
Full Disclosure: Ian currently owns shares of Curaleaf.