The Cannabidiol and CVS Collaboration
Cannabidiol (CBD) and other cannabis-based products continue to become more mainstream as time goes on, and more conventional franchises seem to be embracing this wave of merchandising. Recently, the CEO of Whole Foods, the only USDA Certified Organic grocer in the United States, said he would be happy to sell cannabis supplements in his stores. Across America, legalization movements continue to build momentum. Meanwhile, commercial industries are starting to take advantage of the new market. So, of course, it was only a matter of time before a nationwide pharmacy chain like CVS got in on the action. Soon, a line of topical products derived from cannabis will be available for purchase in eight states in 800 CVS locations.
Working with Curaleaf Holdings
CVS is the largest pharmacy chain in the country, with over 9,900 locations all over the nation. Now, the company well-known for providing convenience store services while filling prescriptions will also carry cannabis-derived CBD products. The company has entered a deal with a cannabis retailer Curaleaf Holdings. For some background, Curaleaf operates 40 cannabis dispensaries in 12 states. As a result, reports indicate stock for Curaleaf spiked as high as 20% the day this deal was announced.
Joseph Lusardi, the CEO of Curaleaf, tells investors he hopes to see the number of CVS stores carrying these products to increase even more. For now, Curaleaf’s CBD products will be sold in CVS stores in:
Out of these states, only California and Colorado have legalized recreational cannabis. Maryland and Illinois have medical marijuana laws, but the other four states still prohibit both. Lusardi adds that Curaleaf is also in the process of establishing similar deals with other large consumer states around the country.
Larry Merlo, CVS Health CEO, made comments about the decision during an interview with CNBC. Merlo explained that for a while, the company has been receiving requests for CBD products. It seems not the pharmacy chain is willing to take a step toward meeting that demand. In the interview Merlo said,
“Anecdotally, we’ve heard from our customers that have used those products that, gee, it’s helped with pain relief for arthritis and other ailments.”
Mike DeAngelis, a spokesman for CVS Health, said in a statement that the stores will not carry any CBD-infused edibles, as it is illegal to introduce ingredients like CBD into the food supply or to market them as dietary supplements. For now, the Food and Drug Administration (FDA) still regards CBD as an illegal substance under federal law. Therefore, it remains banned from use in foods and beverages.
Still, the retailer maintains that it will be selling CBD products in accordance with the law. In a recent statement, the company said that it has “partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS’s high standards for quality.”
It seems that CVS is taking that commitment to quality CBD products very seriously. In order to assure accurate labeling and safety for customers, CVS found a partner in Eurofins, a third-party laboratory that tests CBD topical products for:
- Tetrahydrocannabinol (THC)
- CBD content
- Other contaminants
CVS also saw a significant jump in stock prices following the announcement.
Ironically, the rival drug store chain Walgreens announced the following week that is will also be carrying CBD products. Not one to be outdone, Walgreens seemed to one-up CVS, saying nearly 1,500 of their stores will be selling similar products.
CBD Products Becoming More Popular
From a business perspective, capitalizing on the growing popularity of CBD products seems like a no-brainer. New projections for the CBD market size are becoming increasingly more optimistic. According to a new analysis by Cowen & Co., the global CBD market could reach up to $16 billion by the year 2025. With all these new deals going through, the budding industry seems well on its way.
Back in January, Cowen’s survey of approximately 2,500 adults determined:
- Nearly 7% of Americans are using CBD as a supplement
- CBD use is most common among people aged 18 to 34
- 44% of the CBD market is from CBD tinctures
- 26% of the CBD market is topical products
- 22% of the CBD market is attributed to capsules
- 19% of CBD market is beverages
Furthermore, Cowen says the use of CBD products will likely continue to grow. Yet, in the face of growing popularity, CBD still faces mild controversy. Many argue that cannabidiol is still in the legal grey area that makes it hard for the market to reach its potential.
Is the Cannabidiol Industry Good or Bad?
Meanwhile, two very different schools of thought battle over the safety of such a position on CBD. Some still believe that allowing CBD products to become acceptable in society will only encourage further drug use. On the other hand, advocates think that CBD could even be used to treat substance use disorder and other underlying conditions that lead to drug abuse. In the midst of the opioid crisis, some even assert that CBD could be used to treat opioid addiction.
For now, many experts believe there is still a need for more data to determine what CBD products can actually help treat. While some retailers make a lot of claims about their products, others argue that there is not enough evidence to support a lot of these claims. In order for the cannabidiol industry to become legitimate, it might still need to go through a period of growth and exploration.
Therefore, for now, there is still more to learn about how CBD could impact individuals struggling with addiction, for better or for worse.
Despite the fact that CBD and cannabis products are becoming increasingly accepted, it is still possible there are risks for those who struggle with substance use disorder. As with most medications, what is appropriate for some may not be appropriate for everyone. Those who continue to struggle with substance abuse have better chances of building a foundation for lasting recovery through comprehensive addiction treatment. Palm Healthcare Company believes in providing quality treatment options at all levels of care, and we want to help you or your loved one create a life worth being clean and sober for. If your or someone you love is struggling, please call toll-free now. We want to help.
CALL NOW 1-888-922-5398
When the Trump administration’s Attorney General Jeff Sessions said in January he was determined to “return to the rule of law” in America, with the intention of enforcing federal prohibition of cannabis in all 50 states, it created quite a bit of backlash. Many officials in states where marijuana had been legalized either medically or for recreational use spoke out against it.
Just a few days after former Republican Speaker of the House John Boehner endorsed decriminalization, it seems there is more big news concerning cannabis.
Now, it seems President Trump himself is turning on Sessions. A recent report states that Trump has promised to support legislation that will protect the marijuana industry in states that have already legalized the drug.
Trump and Cannabis
During the 2016 Presidential campaign, then-candidate Trump was relatively inconsistent about his own position on cannabis. At one moment, he would pledge that he was going to respect state’s rights when it came to legalized marijuana. Then, he would criticize legalization and imply that it had to be stopped.
In 2015 at the Conservative Political Action Conference, he said recreational pot was “bad.” He even criticized Colorado, which was the first American state to legalize recreational marijuana sales, saying:
“They’ve got a lot of problems going on right now in Colorado – some big problems,”
But then a year later, on the campaign trail, Trump changed his tune during an interview in Colorado, saying:
“I’m a states person, it should be up to the states, absolutely.”
While it isn’t impossible to be opposed to recreational use while still supporting a state’s right to decide for themselves, many were still blindsided when Sessions made his announcement back at the beginning of the year that he doing away with the Obama era policy of non-interference with state laws on cannabis. At the time, Sessions stated:
“The previous issuance of guidance undermines the rule of law and the ability of our local, state, tribal, and federal law enforcement partners to carry out this mission.”
One person in particular who was taken aback was Colorado Republican Senator Cory Gardner, who said Sessions had promised him he’d do nothing to interfere with Colorado’s growing marijuana market.
Gardner Fought Back
Senator Gardner was not prepared to sit this one out, either. In protest of Sessions, Gardner used his power as a senator to block all appointments to the Department of Justice. Gardner’s pledge is especially impressive as a Republican fighting an administration run by members of his own party.
It did not go unnoticed. Other GOP members were not happy about Gardner’s insistence. Last month Gardner actually allowed some nominees to proceed as a show of “good-faith”. For months the senator has been meeting with the Justice Department to discuss the issue. Now it finally seems it may be all paying off for Gardner.
Following a promise from the Trump administration, Gardner said he would be fully releasing his holds on DOJ nominations. Gardner states,
“Late Wednesday, I received a commitment from the President that the Department of Justice’s rescission of the Cole Memo will not impact Colorado’s legal marijuana industry.”
Gardner also states that President Trump has promised Gardner-
“-that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all.”
White House press secretary Sarah Sanders confirmed the administration’s position and said that Senator Gardner’s statement was accurate.
Currently, the drafting of legislation to protect states with legalized marijuana is underway. Some speculate it may be modeled after another Obama era budget amendment that prevented the Department of Justice from spending money to enforce federal laws against states where marijuana had been legalized, permitted the state law was being followed.
While at this time Sessions has not made a public statement about this development, sources familiar with the topic report that the Justice Department was not consulted before the phone call between Trump and Gardner.
So the next question is, will President Trump follow through on this promise? What kind of legislation is he willing to support? What language will be used to ensure that states have the ability to decide their own legal status and regulations for cannabis?
Help for Marijuana Abuse
While the legal status of cannabis may change as the government adjusts to new policies, the fact remains that it is still possible to abuse marijuana. Even when drugs are legal, there are still plenty of risks. We know this because there are drugs that have been legal for decades but still manage to negatively impact thousands of people. Habitual substance use can be extremely harmful, especially to someone who struggles with substance use disorder. Even marijuana can have adverse effects on the quality of life for someone with a substance abuse problem.
Cannabis is not commonly considered to be as dangerous as other illicit drugs, such as heroin or methamphetamines. However, people who use the drug can still experience different levels of dependence. Marijuana may not be as physically destructive and addictive as other “harder” drugs. However, psychiatrists also believe the psychological impacts of substances do make a difference. Psychology effects can be just as detrimental.
Getting help for marijuana abuse starts with a secure environment that offers a variety of therapeutic opportunities. Developing a healthy lifestyle without relying on the use of drugs is a crucial element of treatment for marijuana abuse. So as policies and public opinions change regarding cannabis, we should also make sure that there are always resources to help those who struggle with substance use disorder.
There still needs to be resources available to help people who suffer from abuse. Supporting addiction recovery means breaking the stigma and offering holistic and effective solutions. Palm Healthcare Company is here to help. If you or someone you love is struggling, please call toll-free now.
CALL NOW 1-888-922-5398