CBD just got another major shot in the arm.
Just days ago, Kroger announced it would sell CBD products in nearly 1,000 stores. While it won’t sell CBD-infused groceries yet, it will carry CBD topical products, including creams, balms and oils in 945 stores across 17 states.
The company joins a growing list of other retailers that are just now jumping on the bandwagon. Simon Property Group partnered with Green Growth Brands. CVS will now carry CBD products across the U.S. The Vitamin Shoppe announced it will sell CBD products.
Abercrombie & Fitch just partnered with Green Growth Brands to sell CBD body care products. DSW has been running tests in its stores with CBD, announcing plans to expand such products to nearly 100 stores.
Neiman Marcus is pushing ahead with CBD sales at some of its stores and online.
Even the CEO of Whole Foods has indicated he’s keeping a close eye on cannabis regulation, suggesting that it could show up on shelves. “If cannabis is ever passed in Texas,” he said, as quoted by Leafly, “chances are good that grocery stores will be selling that, too.”
“Like many retailers, we are starting to offer our customers a highly-curated selection of topical products like lotions, balms, oils and creams that are infused with hemp-derived CBD,” said Kroger, as quoted by CNBC.
All as consumers clamor for CBD products.
Even more exciting, according to the Brightfield Group, worldwide CBD sales are expected to soar from $591 million in 2018 to as high as $22 billion by 2022 – a compound growth rate of 147%. In addition, according to Technavio Research Report, "CBD Oil Market is witnessed to grow USD 1.9 billion, at a CAGR of 31% from 2018 to 2022.”
CV Sciences (CVI)
One of the stocks that jumped on the Kroger news was CV Sciences (CVSI).
CVSI just announced further expansion of its Plus CBD Oil brand in 945 Kroger stores.
“We are delighted to partner with Kroger and launch our new Roll-On topical as we continue our rapid expansion into the FDM channel,” said Joseph Dowling, CEO. “Kroger, CVS Pharmacy, and other leading national retailers are keenly aware of the increased consumer demand for hemp-based CBD products and they are partnering with CV Sciences because of our unwavering commitment to safety and quality. We are at the beginning of what we believe will be broad acceptance of CBD products across national FDM accounts and we look forward to our continued growth as we expand store count and SKUs with our retail partners.”