Meanwhile in California, this just in from the North Bay Business Journal:
The announcement by the CVS pharmacy chain that it would begin to carry hemp-derived topical medicines could increase competition in the already crowded field of companies peddling wellness products based on the cannabis plant.
CVS announced in March it would begin selling cannabidol (CBD) creams, sprays, roll-ons, lotions and salves in seven states including California. CBD is a hemp-derived nonpsychoactive chemical legalized under federal law last year. Manufacturers claim its health benefits range from pain relief to sleep aid and beyond.
Local manufacturers of cannabis topicals were unworried by the announcement, however.
Levi Strom is the founder of Awakened Topicals, which sells a variety of cannabis-derived topicals throughout the Bay Area, including through a Santa Rosa dispensary.
He wrote in an email that his company would like to pursue CVS as a client once he launches a line of hemp-derived products next year and added he expected the announcement to increase competition in the already crowded CBD market.
He added that many of his products contained a mix of THC, the active ingredient in marijuana that produces a “high” when smoked or ingested, and the hemp-derived CBD so he was not concerned about losing customers since CVS would only be carrying hemp products legal nationally.
“I see this announcement as a net positive for people looking for a healthier and safer alternative to opioids to manage their pain and inflammation,” Strom wrote.
Read full article here.