CNBC: Walgreens To Sell CBD Products In 1,500 Stores

(RTTNews) - Drugstore chain Walgreens Boots Alliance Inc. (WBA) plans to sell products containing cannabidiol or CBD in 1,500 stores in nine states, CNBC reported Wednesday.

According to the CNBC report, Walgreens will sell CBD-based sprays, creams, and patches in nine states that have legalized marijuana sales - Colorado, Illinois, Indiana, Kentucky, New Mexico, Oregon, South Carolina, Tennessee and Vermont. However, the company has not specified the brands it would carry.

Cannabidiol is a naturally-occurring cannabinoid constituent of cannabis. It is a chemical in the marijuana plant often used for medicinal purposes, and does not have the intoxicating effects like those caused by tetrahydrocannabinol or THC.

CBD is believed to relieve or ease symptoms related to health problems. After the farm bill was passed by Congress in late 2018, CBD derived from hemp is now legal in the U.S.

Walgreen's move to sell CBD products comes after rival CVS Health Corp. (CVS) reportedly started selling CBD products in eight states in the U.S. earlier in March. Products sold by CVS Health are now available in eight states - Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee.

Cannabis company Curaleaf Holdings Inc. (CURLF) had disclosed that under a partnership between the two companies, CVS Health will sell the company's CBD products in more than 800 CVS Health stores across ten states in the U.S.