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Wednesday, March 20, 2019

CVS has started selling cannabis-based products in 8 states

CVS Pharmacy said on Wednesday that it has started selling CBD products in select states.

The pharmacy chain said the products include topicals such as creams, sprays, roll-ons, lotions and salves. These products are available in 8 states: Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee.

In a statement, CVS specified that it's not selling any CBD-containing supplements or food additives.

"We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS's high standards for quality," a spokesman said in a statement.

CBD is quickly becoming one of the hottest ingredient in consumer products. Companies are adding the non-psychoactive cannabis compound to food, beverages and skincare products.

The farm bill President Donald Trump signed in December legalized hemp-derived CBD. However, it's still unlawful under the Federal Drug Administration's regulations to add CBD to food and beverage products because the compound is an active ingredient in a drug product, Epidiolex.

Outgoing FDA Commissioner Scott Gottlieb has signaled the agency will suggest ways to change this. In the meantime, large manufacturers and retailers are trying to navigate the regulatory uncertainty

The CEO of cannabis company Curaleaf said on the firm's earnings call Wednesday that starting this week over 800 CVS health stores across 10 states. Curaleaf also said they will soon be offered on the CVS.com website.

CVS was not able to confirm that Curaleaf products will be available in its stores.

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