Watch to find out about CVS Pharmacy’s announcement!
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Just one week after CVS Pharmacy announced to sell cannabis products in its stores, the firm’s rival drug chain Walgreens Boots Alliance revealed it would start selling CBD-based creams, patches, and sprays in its more than 1,500 stores located across nine US states.
According to CNBC, Walgreens will provide CBD products in nine states in which medicinal marijuana is legal: Oregon, Tennessee, South Carolina, Vermont, Colorado, Illinois, Indiana, Kentucky, and, New Mexico.
The drug giant, however, hasn’t specified which CBD brands it will be carrying.
CBD is one of the primary constituent compounds in cannabis but it doesn’t possess psychoactive properties like the other major constituent THC.
According to the Centers for Disease Control, CBD has several therapeutic benefits. It can relieve muscle spasms in patients with multiple sclerosis, reduce nausea caused by chemotherapy, and relieve anxiety and chronic pain.
While CBD derived from hemp is legal across the US, medicinal use of CBD derived from marijuana is legal in 46 states.
“Marijuana has been used to relieve pain, digestive and psychological disorders for more than 3,000 years — but the efficacy, safety and legality of the drug are still widely debated,” Walgreens said of medical cannabis in a corporate blog post.
“Research on the health benefits of marijuana is ongoing, but current studies have proven that cannabinoid receptors play an important role in many body processes, including metabolic regulation, cravings, pain, anxiety, bone growth and immune function.”
Walgreens’ stock rose 0.5% a share (or 31 cents a share) to close at $62.23 after the CBD announcement was made on Wednesday.
The drug chain, however, isn’t the first one to introduce CBD-based products.
Jelly Belly creator has recently announced to launch CBD jelly beans, while beverage giant Coca-Cola is also speculated to release cannabis-infused drinks.
Last week, Walgreens rival CVS Pharmacy also announced that it will be offering CBD-based products in its 800 stores located across eight US states.
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