CBD was illegal on the federal level up until December, as cannabinoids were a scheduled substance. Your CBD Store opened in Lawrenceburg late a year ago following the legalization of CBD products in the state.
CVS will also sell these products in Alabama, California, Colorado, Illinois, Indiana, Maryland and Tennessee.
Select CVS locations in eight states are now selling CBD, a nonpsychoactive ingredient in cannabis.
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"Anecdotally, we've heard from our customers that have used those products that, gee, it's helped with pain relief for arthritis and other ailments", Merlo said in the CNBC interview. Hemp does not contain significant amounts of THC, the psychoactive component of marijuana.
Popular makeup retailers like Sephora and Ulta Beauty have already started carrying CBD-infused products.
"While hemp and hemp-derived CBD are no longer controlled substances under federal law, some state laws may be more restrictive than federal law and other states still prohibit or limit hemp", he said.
According to a new analysis by Cowen & Co. the global CBD market could grow all the way up to $16 billion by 2025. There are a lot many ways to use CBD but studies on CBD are limited yet.