Op-Ed: Walgreens, CVS Vie To Offer Store Customers CBD
Author Jeffrey Hill offers updates on Walgreens' and competitor CVS' moves to sell CBD products in-store, part of the former's overarching strategy to better meet customer needs and diversify product range
Walgreens is the latest major pharmacy chain to announce it will carry hemp-based CBD products. The retailer is set to begin selling CBD topical products in about 1,500 stores in 10 states, according to a CNBC report. The news comes on the heels of its competitor CVS announcing last week it would begin selling similar products in its stores throughout eight states.
If you are following the chain drug industry, you know that CVS is very focused on becoming the “preferred health focused drug chain.” The brand dropped cigarette sales and is integrating more basic health testing and offerings into its new stores. Walgreens is executing its own strategy involving much more organic growth than CVS (who is really a “chain of chains”), brought into New York City via acquiring Duane Reade, the last bastion of NYC retail drug.
“This product offering is in line with our efforts to provide a wider range of accessible health and wellbeing products and services to best meet the needs and preferences of our customers,” said Walgreens spokesperson Brian Faith in a recent email.
Walgreens will roll out the products in Colorado, Indiana, Illinois, Kentucky, New Mexico, Oregon, South Carolina and Vermont. The company did not specify which brands it would carry. Walgreens tied the decision neither to the announcement by its rival nor last year’s passage of the federal farm bill.
CVS is planning to carry CBD products in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee.
Faith indicated the decision by the company was made following “a thorough review and analysis” of the market and available products; although, Walgreens did not offer any exact dates on when the products would be available and whether they would be available via the company’s online store.
Historically, it takes eight weeks from agreement to buy to being on the shelves, but that is tied to the suppliers marketing plan. So we will wait and see!
Read Jeffrey Hill's original article here.
Lead image: stock photos from saaton/Shutterstock