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CVS Distribution of CBD Products Sends Curaleaf Shares Soaring

CBD has landed at CVS.

CVS Health Corp. this week will begin selling products infused with the trendy, non-intoxicating hemp component at more than 800 of its stores as part of a distribution deal with marijuana company Curaleaf Holdings Inc., Curaleaf said Wednesday.

Curaleaf announced the agreement during an earnings conference call on Wednesday. The company’s CBD products will be available in about 800 stores to start, Curaleaf said on the call, and hopes to expand to more.

Curaleaf jumped as much as 17 percent on Thursday in Toronto, giving the company a market value of more than $2.6 billion. The stock had already gained 41 percent this year, though it has yet to reach the level where shares were sold in an October private placement that brought the company public through a reverse takeover in Canada.

“We’ve been having dialogue with national retailers for many months now,” Curaleaf Chief Executive Officer Joseph Lusardi said on the call Wednesday. “We’ve got a number of potentially exciting partnerships in the pipeline.”

relates to CVS Distribution of CBD Products Sends Curaleaf Shares Soaring

Curaleaf products on display at Curaleaf store in Queens in New York.

CVS confirmed that it has started selling CBD creams, sprays and lotions in eight states, including California, Illinois, Colorado and Alabama. The products will be sold in store aisles, and drugstore chain isn’t offering any supplements or food additives containing CBD, a company spokesman said in an email. CVS has almost 10,000 pharmacies worldwide.

To Read The Rest Of This Article By Craig Giammona on Bloomberg
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