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Walgreens, CVS to sell CBD products as interest in cannabis products grows



The CBD gold rush has begun.CBD, the chemical found in the hemp and marijuana plants, is showing up in shampoos, lattes, body oils, gummy bears and dog treats. It is sold in coffee shops and farm markets, and literally overnight, you are seeing CBD all around you and in everything, "said Troy Dayton, CEO of The Arcview Group, an Oakland, California-based cannabis investment and research firm. "Walgreens plans to sell creams, sprays and patches with CBD at 1,500 stores in nine states: Colorado, Illinois, Indiana, Kentucky , New Mexico, Oregon, South Carolina, Tennessee and Vermont.In a statement to CNBC, Walgreens spokesman Brian Faith said, "This product offering is in line with our efforts to provide a wider range of accessible health and wellbeing products and services to best meet the needs and preferences of our customers. "CVS said it would sell creams and salves with CBD in eight states.The CBD floodgates were opened after President Donald Trump signed Bill Farm Bill into law in December, among other things, bill legalized production of hemp, which contains high levels of cannabidiol, or CBD.CBD is non-psychoactive, meaning it will not get you high. (THC, or tetrahydrocannabinol, is the chemical in cannabis that does that.) Instead, CB D is marketed for everything from helping to relieve pain and inflammation to reducing stress and anxiety. Yet, the Food & Drug Administration still has not decided how to regulate CBD products. In a recent interview with Brookings Institution, outgoing FDA commissioner Scott Gottlieb said it could take several years before the agency fully legalized CBD for use in food products and dietary supplements. So far, little clinical research has been conducted to prove CBD's effectiveness. Last year, the FDA approved the first drug containing CBD for the treatment of certain forms of epilepsy, but no other drugs have been approved since Dayton cautions that there is also a lack of standardization in terms of recommended doses and quality control. as it is, it gives rise to some challenges, "he says. "In other words, it is difficult to differentiate hype from reality in terms of determining the efficacy of CBD products." "We have talked to clients who are still struggling to find and banks willing to work with them and we have spoken with banks and credit unions who want to support the hemp industry but still feel there is considerable risk attached to the CBD industry, "said Evan Eneman, CEO of MGO ELLO National Cannabis Alliance, a financial and tax advisory service for the cannabis industry. "Despite these roadblocks, the ArcView Group projects sales of CBD products will outpace legal marijuana sales in the United States in five years. "For us, 201

8 is the year when so many of our big problems started to go away," says Chase Terwilliger, CEO of Denver-based Balanced Health Botanicals.Before the Farm Bill passed, many banks and payment processing companies refused to work with his company. "We had accounts at many large banks and they all shut us down," he says. "Now, banks and credit card processing companies are constantly calling for money." Founded as CBDistillery in 2015, the company originally sold pure, hemp-derived CBD extract in powders that could be added to food and beverages or mixed in with oils and lotions.Sales have soared as the business has expanded its portfolio to include oils, tinctures, capsules and gummies. In 2016, the firm logged $ 200,000 in sales, he said. Last year, the annual revenue was $ 41 million and Terwilliger projects sales will double to $ 80 million by the end of this year. "We have grown to 101 employees, our products are sold in all 50 states and I have 20 open positions in Denver to fill, "he says. Terwilliger says he's trying to navigate the CBD industry landscape responsibly. He says the company tests each product at three separate labs to make sure they meet standards, such as ensuring THC levels do not exceed 0.3 percent (as mandated by federal law) and the products do not contain contaminants like heavy metals. "It says that this is a good thing, because there is a lack of standardization in the CBD industry and we want consumers to trust our products," he says. High-end retail embraces CBDSoon after Katherine, Alison and Juliana Ragusa launched their Lab to Beauty line of CBD -infused face wash, masks and moisturizers, it was stocked on the shelves at Barneys New York's high-end retail chain. The sisters, who started developing the line early last year, already had in-house expertise in creating and marketing beauty products through their family business, The Advantage Co., which manages a portfolio of beauty, fashion and jewelry brands and restaurants. They worked directly with hemp farmers to source the CBD and with Advantage Co.'s lab and scientists to formulate the products. In summer, after testing their products with a third party lab, they sent samples to Barneys' beauty team. " It was exciting for us to see how open they were to try our samples on the spot, "says Katherine Ragusa. Jennifer Miles, Barneys' senior vice president, divisional merchandise manager, cosmetics, says department store chain was looking for a CBD skincare line. She says Barneys is trying to address customers' misconceptions around CBD, "as it is becoming more mainstream and customers are learning about benefits and how to add these products to their wellness routine." The line of eight products is now sold in seven Barneys locations, including its stores in New York, Chicago and Beverly Hills and on Barneys.com. "Barneys sold out of some of the products online, but we have now replenished supplies," says Katherine. for mints, pets and beyondCollege friends, Tim Moxey and Chris Abbott, launched BotanicaSeattle in 2012 with a line of cannabis-infused chocolates. Since then, they've added Mr. Moxey's CBD Mints, and a line of CBD products for pets called Austin & Kat, which includes biscuits and oils they claim can provide pain relief and calm anxiety in dogs, cats and other animals.Last year, the company logged about $ 7 million in sales and Moxey expects sales to hit $ 20 million at the end of this year. But getting to that point has required winning over consumer and building trust. "We've chatted with customers who bought other products they found on the internet and felt they were duped because these products did not contain the stated amount of CBD, or contained trace amounts of THC, "says Moxey. "Pushing to build trust and transparency is difficult in this industry where there are so many dishonest companies entering the market every day." He hopes the FDA will move quickly to establish a quality control guidelines.Moxey says the company has several new CBD products in the "As we educate people about our products and as research continues, our long-term goal is to make products that bring cannabis plant into people's lives in a meaningful way," he says.

CBD, the chemical found in hemp and marijuana plants, is showing up in shampoos, lattes, body oils, gummy bears and dog treats.

"Literally overnight, you're seeing the CBD all around you and in everything," said Troy Dayton, director of marketing and marketing, CEO of The Arcview Group, an Oakland, California-based cannabis investment and research firm. "

Walgreens plans to sell creams, sprays and patches with CBD at 1,500 stores in nine states: Colorado, Illinois, Indiana, Kentucky, New Mexico, Oregon, South Carolina, Tennessee and Vermont.

In a statement to CNBC, Walgreens spokesman Brian Faith said, "This product offering is in line with our efforts to provide a wider range of accessible health and "

The CBD floodgates were opened after President Donald Trump signed the Farm Bill into law

The CBD is non-psychoactive, meaning it will not get you high. (THC, or tetrahydrocannabinol, is the In 1967, the Food and Drug Administration has not yet decided how to regulate CBD products. However, CBD is not marketed for everything from helping to relieve pain and inflammation to reducing stress and anxiety. In a recent interview with Brookings Institution, outgoing FDA commissioner Scott Gottlieb said it could take several years before the agency fully legalized CBD for use in food products and dietary supplements

So far, little clinical research has been conducted to prove CBD's effectiveness . Last year, the FDA approved the first drug containing CBD for the treatment of certain forms of epilepsy, but no other drugs have been approved since.

Dayton cautions that there is also a lack of standardization in terms of recommended doses and quality control.

"As exciting as this is, it gives rise to some challenges," he says. "

" We have talked to clients "

" We have talked to clients "

" We have talked to clients who are still struggling to find a bank willing to work with them, and we have spoken with banks and credit unions who want to support the hemp industry, but still feel there is considerable risk attached to the CBD industry, "said Evan Eneman, CEO of MGO ELLO National Cannabis Alliance, a financial and tax advisory service for the cannabis industry. "Despite these roadblocks, the ArcView Group projects sales of CBD products will outpace legal marijuana sales in the United States in five years."

Here is some of the entrepreneurs hoping to cash in.

"For us, 2018 is the year when so many of our big problems started to go away," says Chase Terwilliger CEO of Denver-based Balanced Health Botanicals

Before the Farm Bill passed, many banks and payment processing companies refused to work with his company

"We had accounts at many large banks and they all shut us down, "he says. "Now, banks and credit card processing companies are calling constantly to lend money."

Founded as CBDistillery in 2015, the company originally sold pure, hemp-derived CBD extract in powders that could be added to food and beverages or mixed in with oils and lotions

Sales have soared as the business has expanded its portfolio to include oils, tinctures, capsules and gummies. In 2016, the firm logged $ 200,000 in sales, he said. Last year, the annual revenue was $ 41 million and Terwilliger projects sales will double to $ 80 million by the end of this year.

"We have grown to 101 employees, our products are sold in all 50 states and I have 20 open positions in Denver to fill, "he says.

Terwilliger says he's trying to navigate the CBD industry landscape responsibly. He says the company tests each product at three separate labs to make sure they meet standards, such as ensuring that THC levels do not exceed 0.3 percent, and the products do not contain contaminants such as heavy metals [19659005] "We're doing this voluntarily because there is a lack of standardization in the CBD industry and we want consumers to trust our products," he says.

High-end retail embraces CBD

Soon after Katherine, Alison and Juliana Ragusa launched their Lab to Beauty line of CBD-infused face washes, masks and moisturizers, and was stocked on the shelves at Barneys New York's high-end retail chain

The sisters who started developing the line early last year , has already had in-house expertise in the creation and marketing of beauty products through their family business, The Advantage Co., which manages a portfolio of beauty, fashion and jewelry brands and restaurants. They worked directly with hemp farmers to source CBD and with Advantage Co.'s lab and scientists to formulate the products.

By summer, after they had tested the products with a third party lab, they sent samples to Barneys' beauty "

Jennifer Miles, Barneys' senior vice president, divisional merchandise manager, cosmetics, says:" It's been exciting for us to see how open they were trying our samples on the spot, "says Katherine Ragusa. department store chain has been looking for a CBD skincare line. She says Barneys is trying to address customers' misconceptions around CBD "as it is becoming more mainstream and customers are learning about benefits and how to add these products to their wellness routine."

The line of eight products is now sold in Barneys locations, including its stores in New York, Chicago and Beverly Hills and on Barneys.com

"Barneys sold out of some of the products online but we have now replenished supplies, "says Katherine.

A market for mints, pets and beyond

College friends, Tim Moxey and Chris Abbott, launched BotanicaSeattle in 2012 with a line of cannabis-infused chocolates. Since then, they've added Mr. Moxey's CBD Mints, and a line of CBD products for pets called Austin & Kat, which includes biscuits and oils they claim can provide pain relief and calm anxiety in dogs, cats and other animals

Last year, the company logged about $ 7 million in sales and Moxey expects sales to hit $ 20 million at the end of this year

"We have chatted with customers who bought other products they found on the internet and felt they were duped because those products did not contain the stated amount of CBD, or contained trace amounts of THC, "says Moxey. "Pushing to build trust and transparency is difficult in this industry where there are so many dishonest companies entering the market every day."

He hopes the FDA will move quickly to establish a quality control guidelines

Moxey says the company has several new CBD products in the pipeline, including topical solutions and other pet products

"As we educate people about our products and as research continues, our long-term goal is to make products that bring cannabis plant into people's lives in and meaningful way, "he says.

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