More and more mainstream companies are looking at getting into the cannabis market, as the “Green Rush” continues to explode around the globe. Coca-Cola and Anheuser-Busch have been rumored to be exploring the possibilities of creating infused beverages while Costco and Sephora have become some of the first major retailers to sell products containing CBD.
This week, Wal-Mart Canada announced that they are watching the burgeoning market with interest but stopped short of confirming they will indeed begin selling cannabis products – at least for now.
“As we would for any new industry, Walmart Canada has done some preliminary fact-finding on this issue, but we do not have plans to carry CBD products at this time,” Walmart spokeswoman Diane Medeiros said in a statement to Reuters, as reported by CNBC.
CBD is known for its multitude of health benefits, from helping to treat arthritis and anxiety to easing menstrual cramps and skin issues. Epidiolex, the first FDA-approved medication derived from CBD, is set to hit American pharmacies within mere months, yet Wal-Mart has not announced yet whether or not it plans to stock the drug. Rite-Aid, on the other hand, has already stated the groundbreaking prescription will be coming to their stores as soon as possible.
That's not to say that Wal-Mart, one of the world's largest employers, hasn't signaled its support for marijuana companies in the past. Earlier this year, the company announced a distribution deal with Colorado-based American Cannabis Company, bringing SoHum Living Soils and Dr. Marijane Root Probiotic products to the Wal-Mart website. Additionally, rosin presses – which turn cannabis buds into concentrate using heat and immense pressure – have also been seen on the Arkansas-based retailer's site.
Canadian grocery giant Loblaw announced plans to producer legal cannabis earlier this year and won a retail license from Health Canada in September, getting approval to sell medical marijuana in Newfoundland and Labrador provinces. Analysts believe it's only a matter of time before other large-scale mainstream retailers jump on the bandwagon. According to a report from Roth Capital Partners and reported by Reuters, the legal cannabis market in Canada will target around 32 million adults within seven years and bring in around CAD $10.4 billion in sales.