To look into cannabidiol (CBD) product lines, executives at top chains such as Target and Walmart have reportedly been meeting with makers of products that are infused with the ingredient. While CBD does not get people high, it does reportedly relieve stress and pain, the New York Post reported.
CBDfx Brand Manager Christian Graversen said, according to the report, “We are flying around the country, talking to all the big guys at their headquarters.” He added that “we are going multiple times to the same companies, meeting with their senior buyers, legal departments and merchandising executives.”
Chains are also reportedly asking for samples of CBD items in addition to pricing data and lab results. And while much of the “bonanza” has involved small stores, some larger chains have started to offer CBD-infused topical creams to help with pain and wrinkles in states where they are allowed.
When it comes to certain companies, the report quoted Walmart as saying that “we do not have plans to carry CBD products at this time.” And a spokesperson for Target noted that “we’re following the discussion, but currently don’t have any immediate plans to carry them.”
The news comes as it was reported in February that the U.S. CBD market continues to grow, with almost 7 percent of Americans saying they use the substance. The market could reach $16 billion by the year 2025, per a Cowen & Co. analysis. For its January survey, the firm questioned 2,500 adults.
Analyst Vivien Azer said the 6.9 percent of people who said they used CBD exceeded the 4.2 percent who used e-cigarettes. At the same time, it was reported that 19.6 percent of people considered themselves current tobacco users. The prediction for the continued use of CBD was set “conservatively” with usage growing 10 percent by 2025, which would reach the threshold of $16 billion.