Walgreens To Sell CBD Products In Select States

Walgreens has announced it will sell CBD products at nearly 1,500 of its stores in select states, including Oregon, Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois and Indiana.

“This product offering is in line with our efforts to provide a wider range of accessible health and well-being products and services to best meet the needs and preferences of our customers,” Walgreens spokesman Brian Faith told CNBC.

The news comes after CVS recently revealed it will start selling products from Curaleaf (CURLF) at 800 stores in 10 states.

Nearly 7 percent of Americans say they use CBD products, and according to an analysis by Cowen & Co. released last month, the market could reach $16 billion by the year 2025.

In fact, 6.9 percent of people who said they used CBD was higher than the 4.2 percent who used e-cigarettes. Also, 19.6 percent of people considered themselves current tobacco users. It was the CBD usage, however, that most surprised the analyst.

The biggest demographic using the substance, according to the survey, are people between the ages of 18 and 34. The majority of the usage comes from tinctures, at 44 percent, followed by topical products at 26 percent and capsules at 22 percent. Beverages account for 19 percent of use.

With its popularity growing, retailers are looking to cash in. In January, Green Growth Brands announced it has entered an agreement with shoe retailer DSW to sell hemp-derived cannabidiol (CBD) personal care products at select stores throughout the U.S. And high-end retailer Neiman Marcus has introduced of a slew of health and beauty products, such as lip glosses, hair serums and foot creams.

“Cannabis beauty brands are becoming increasingly popular, and CBD products are the next big thing in beauty,” Kim D’Angelo, Neiman Marcus’ beauty buyer, said last month. “Our CBD assortment is an important part of our brand’s commitment to the health and well-being of our customers.”