The CBD Industry Continues to Grow

The CBD Industry Continues to Grow

Target and Walmart are exploring CBD product lines. Do you use any CBD products?

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Total Votes : 39

Scroll down to see how people across America voted.

The CBD industry is a controversial one because of the stigma that the cannabis plant carries with it. But, the business is a growing one, and one that may see some big names such as Target, Walmart, Kroger, and Safeway join.

CBD, or cannabidiol, is a cannabis extract that is regarded as one of the most critical cannabinoids contained in the cannabis plant. But unlike its cousin THC, CBD does not give off any psychoactive effects. Instead, it helps relax you and manage pain.

The legality of the product is still murky, which is why the industry is mostly occupied with mom-and-pop stores. The FDA says you can’t have food or beverages infused with CBD and THC. Outside of that, however, it’s still somewhat unclear on the limitations.

But its potential is too high to ignore, which may be a reason why large retailers are attempting to wiggle themselves in.

The CBD industry is expected to more than double to $2.1 billion next year, but not before reaching an estimated $2 billion in retail sales in 2018. Investment company Cowen & Co. believe that number could shoot up to $16 billion by 2025.

CVS, Walgreens, and GNC have already begun selling CBD-infused cream, with CVS selling these types of products in over 800 stores. Target, Walmart, Kroger, and Safeway may be next as they’ve requested product samples, lab results, and pricing info.

“We are flying around the country, talking to all the big guys at their headquarters,” said Christian Graversen, brand manager of California-based CBDfx, a 6-year-old company that makes more than 50 CBD-infused products including a $10 package of eight gummy bears.

“We are going multiple times to the same companies, meeting with their senior buyers, legal departments and merchandising executives,” Graversen added.

However, some of the retail giants were quick to shoot down this speculation.

“We do not have plans to carry CBD products at this time,” Walmart said in a statement.

“Like many companies, we know there is consumer interest in CBD products, and the conversation is evolving quickly,” a Target spokesperson said. “We’re following the discussion, but currently don’t have any immediate plans to carry them.”

But the chief executive of Vita Coco, Michael Kirban, believes that regardless of what they have publicly said, these companies are planning as if they will take on CBD products.

“The major retailers are [designing] shelves, laying out space where CBD products will sit in their stores, but they aren’t buying any product yet,” Kirban said. You can read more about this story on the New York Post.

Here’s how people on the Zip app are weighing in on this all over the country!

Target and Walmart are exploring CBD product lines. Do you use any CBD products?

34% Y – it works
66% N – not for me
30% Y – it works
70% N – not for me
44% Y – it works
56% N – not for me

Y – it works

N – not for me

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