Pharmacists and pharmacy owners know that having a robust selection of over-the-counter products is an essential part of their business and profitability. Having the support of the right wholesalers is important because they assist with all of the energy and resources that are required to ensure a successful endeavor. Building strong relationships with the appropriate people is crucial for winning in the CBD industry.
Big Chain Pharmacies Sell CBD
In the past year, we’ve seen the adoption of CBD on the shelves of some of the largest chain pharmacies in the United States including CVS and Walgreens. Retail sales of CBD are projected to reach nearly $1.5 billion by 2022. While retail pharmacies are capitalizing on this product revolution, legislation regarding CBD products has been slow to evolve and has not caught up to the speed to which these brands are hitting the shelves.
One thing is for certain, to maintain a competitive advantage in the retail pharmacy space and keep the customers spending at your location, adding new revenue streams with holistic alternatives to support health and wellness is a critical path to success.
Addressing CBD Products
Additionally, with consumers having greater access to CBD, pharmacists will want to be prepared to answer questions and address customer concerns about alternative treatments, such as CBD. Pharmacists have the earned respect of their customers and like to offer advice when asked about the usage of prescription drugs including the over the counter (holistic) alternatives. Since your pharmacist also knows which medicines are being prescribed to you, they will reinforce the importance of having a discussion with your doctor to make sure there are no conflicts or contradictions with over the counter products or alternatives, such as CBD.
Gaining Trust With FDA Compliance
Trustworthiness is compromised when product claims are made that don’t stand up to FDA regulations. CVS removed a brand of CBD from its shelves In the same year it was added because the brand was not compliant with the FDA’s regulations. Consumers rely on their relationships with Independent Pharmacies and Pharmacists to help make informed decisions regarding their personal healthcare, and specifically, recommendations for OTC (over-the-counter) remedies, now including CBD for many wellness issues.
Cannabidiol, referred to as “CBD”, until recently, was not a mainstream over-the-counter product carried by retail pharmacies. Consumer packaged goods brands across beauty, and more, are all beginning to embrace the CBD revolution and launch products inclusive of CBD.
Owning a Pharmacy and CBD
As a pharmacy owner, it’s important to know what CBD products to sell in your pharmacy. This can be a complex decision coupled with compliance and restrictions around the legal requirements and restrictions which will vary from state to state. When you select the right wholesale partners, you can be sure that you’ve created a profitable new stream of revenue for your business combined with providing healthy, safe, and viable CBD products. As a voice of reason to your customers, providing them with products that are high-quality helps them to avoid purchasing inferior CBD products that have lower safety and compliance standards which could be dangerous.
What You Need to Know in Product Selection
You need to use the same level of due diligence in deciding which CBD brand and products to carry in your pharmacy as you do with any new product or service that you offer your customers.
As a pharmacy owner that is known and respected by your customers, you have to select a line of products that is of high quality – like the advice you provide to your customers.
You want to make sure you are selecting a brand with products that are:
- High quality, premium products – “premium” because the products are effective, which makes them a great value as well
- Owned and controlled by the wholesale partner you are considering
- From a company that is reputable and well established
- Equipped with 3rd party, independent lab reports on each product which validates safety attributes and CBD content
- Associated with a licensed hemp farm in the US and undergoes four levels of independent 3rd party tests (from seed to soul)
- Able to show the brand’s customer reviews validate the high quality and performance of the products and come through a verified third-party platform, such as trustpilot.com.
- Prepared to prove that the brand has stellar wholesale support and materials that help educate you and your staff to speak about the products in an educated tone to support customer questions
- Products are only sold at premium high-quality retailers
- Not inclined to make claims that it can treat or correct any illnesses or diseases
- Equipped with products that have labels tied to QR codes to easily reference lab reports
The FDA is vigilant about CBD companies that make false claims and there are several companies that produce and sell CBD products that have been sent warning letters over the past 5 years for making claims or misbranding their labels. Some of these brands remain highly visible in Google search and are promoted by influencers, so be cautious in selecting a brand and a line of products that follows the guidelines and provides you with products that adhere to best practices.
Can My Pharmacy Sell CBD Products?
Once you’ve selected the wholesale partner you feel best aligns with your business, it’s important to consider the regulations applicable to your state, as requirements vary from state to state.
Despite concerns and making sure that you adhere to all the guidelines, it’s important to note that people are experimenting with and using CBD on their own. At High Falls Hemp NY, we strongly urge all consumers to consult with a health care practitioner first to make sure it’s right for them. The CBD industry is booming and if a customer of yours is using CBD and comes to you as their trusted pharmacy, it’s best to offer products that deliver the wellness benefits of CBD.
Know Your Stuff
Pharmacists are the front-line advocates for customers that have placed trust in the relationship that has been built. It’s essential that they work with best-in-class CBD brands that are reliable and don’t have adverse outcomes. Working with a wholesale partner that supports their efforts to assist in addressing all questions and concerns and arming them with educational materials and resources to remain abreast of the ever-changing space is critical. Staying abreast of new developments, content that is important, literature, and evidence-based research on this topic will help ensure that they are the best source for their customers.
Partner with High Falls Hemp NY
High Falls Hemp NY’s retail pharmacy wholesale program affords our partners the ability to leverage this rapidly growing marketplace and offer trusted, high-quality products that come from our farm in Upstate NY. We are licensed by the State of New York, and own and control the process and the product from our seeds to your customer’s soul, so you can be sure our products will reinforce your relationship with your clientele.