One of the most notable things to recently happen in the CBD business is the partnership between Medterra CBD and CVS Drugstores. Medterra started its e-commerce business, moving from a wholesaler to a retailer, in July 2017 when it saw an opening to compete on better customer service and fair pricing according to Medterra CEO Jay Hartenbach in a recent interview with Cannabis Business Times.
And now, after a rigorous vetting process, Medterra’s products will show up on CVS’ shelves–in states where CBD is looked at in a more friendly way. This is a big deal. The benefits to working with a brand name big box store for a CBD company are clear. Legitimacy, exposure, shelf space. Medterra’s cannabidiol products will be sold in 800 CVS locations in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland, and Tennessee, according to NBCNews. As I mentioned, shelf space. If things go right, it’s not crazy to assume that this number will turn into thousands of locations.
Calling the products an “alternative source of relief,” CVS has jumped onto the front lines of the CBD business, although they are careful to call them hemp-derived products. The products will be topical products, meaning creams, roll-ons and sprays. Nothing digestible. Clearly CVS is wading into this carefully while positioning themselves nicely to take full advantage of where it looks like things are going–full legalization and complete public acceptance.
In the above-linked article, Jay Hartenbach says, “As far as the actual regulations go, we just make sure that when we’re working with any type of partner, that they focus on manufacturing products in the right way, having the right GMP certification, and ultimately, just delivering that quality and consistency that we’ve come to expect in the last couple of years in developing Medterra.”
The focus on quality and the right certification is smart, especially in the CBD space. It’s no wonder the two companies have been able to work together.