The second-largest pharmacy store chain of U.S., Walgreens will sell CBD or cannabis-based products like creams, patches, and sprays in over its 1,500 stores in select states of U.S. like Oregon, Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois and Indiana. The products so far will be limited to health and wellbeing services.
Walgreens’s venture into CBD products is not unprecedented as rivals like CVS had already introduced CBD-containing topicals, including creams and salves, to stores in eight U.S. states earlier in March. Walgreens now joins retailers who are carefully evaluating the market for cannabis-based products.
According to the company, the market is fairly nascent with much to test and explore. Though consumers are curious about cannabis-based products and their promise to heal everything from depression to anxiety, studies are yet to confirm such observations.
Thanks to the farm bill Congress passed late last year, CBD derived from hemp is now legal, but FDA is yet to approve of CBD additions to food or sell it as a dietary supplement.
Even though there is much to be explored in this segment, selling CBD-infused beauty and skin-care products brings far less risk, thus making it the obvious first step for retailers keen on exploring cannabis’ potential.
The RSI Indicator for WBA moved out of oversold territory on July 22, 2024. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 42 similar instances when the indicator left oversold territory. In of the 42 cases the stock moved higher. This puts the odds of a move higher at .
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a provider of drug store services
Industry DrugstoreChains