The NCPA has launched a website to provide pharmacists information about the CBD industry. A statement released by the NCPA said that NCPA and brokerage firm PRS are teaming up on NCPA CBD Source, an “easy to navigate website providing pharmacies with answers they may need to make educated decisions about the growing CBD marketplace.”
The market for CBD products is immense, backed by millions of people looking to enjoy the medical benefits of the cannabis extract. Scientific research and anecdotal evidence have found the extract to be a potent and versatile natural medicine. It works against a variety of medical conditions ranging from anxiety, insomnia, and high blood pressure to severe conditions like chronic pain and epilepsy. Last year’s Farm Bill made the cultivation of industrial hemp, from where cannabidiol is extracted, legal.
The demand and supply of CBD boomed after that, and it is expected to keep on increasing. According to a new report by The Brightfield Group, the entry of mass chains such as Walgreens will be responsible for most of the growth of the market, with the CBD industry expected to be worth $5 billion at the end of the year. “The CBD market has been growing rapidly, but we will see unprecedented growth in 2019. The bulk of the growth is coming from large retailers like CVS and Walgreens entering the market and providing the availability to the consumer,” said Brightfield, Managing Director Bethany Gomez in a statement.
According to NCPA CEO B. Douglas Hoey, many pharmacies are choosing to tap into this market, and because of their position as trusted medication merchants, they can serve as a source of truth for CBD. “Pharmacy owners want to be able to answer their patients’ questions and recommend products where they can check their certificate of analysis,” he says, adding that, “the new CBD Source goes a step further and will be sending product samples to an independent lab to verify strength and product integrity.”
PRS President Harry Lattanzio, RPh, says that community pharmacists should be the community’s experts on CBD. “CBD belongs in a pharmacy, but the industry is young and full of misinformation. PRS and NCPA have combined resources, done the research, sifted through the claims to create a comprehensive platform that community pharmacists can trust for CBD education, marketing, and products.”
The website will function like a typical shopping site, but it will feature marketing tools, products, and resources for CBD education researched by the NCPA and PRS. Pharmacists will be able to evaluate each company in the program and review their products. Samples of products available on the site will be tested for all cannabinoids by an independent, third-party lab.
Experts are convinced that CBD industry players like SinglePoint Inc. (OTCQB: SING) and Youngevity International Inc. (NASDAQ: YGYI) are pleased that the pharmacy association is taking the lead in pointing patients to the best CBD products.
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