Walmart Just Said It's Exploring Selling Cannabis Products
A company spokesperson reveals that the retail giant is on a CBD fact-finding mission.
"Attention Walmart shoppers: CBD is now on sale in aisle four."
It may sound crazy but the possibility of that phrase actually being uttered on a Walmart PA system is a little closer to reality -- at least in Canada.
In an interview with Reuters, Walmart spokeswoman Diane Medeiros said: "Walmart Canada has done some preliminary fact-finding on this issue, but we do not have plans to carry CBD products at this time.”
Interesting side note: After Ms. Medeiros proclamation, the company’s shares rose almost 3 percent to $97.48 in afternoon trading.
Time to break open the champagne -- or puff on a big fat vape? Not yet. But the mere fact that the ultra-conservative company is even looking into the possibility of selling cannabis is significant. Remember, this is the same Walmart that recently banned Cosmopolitan magazine from its checkout lines in the U.S. because it was too sexy.
Big Companies Taking Notice
Walmart isn't alone in its sudden interest in weed. Last summer, Constellation Brands, the company behind Corona beer and Mondavi wines, invested $3.8 billion in cannabis giant Canopy. And last month, none other than Coca-Cola revealed that it's in "serious talks" with Canadian marijuana producer Aurora Cannabis to develop cannabis-infused drinks as sales of traditional products continue to slow.
Walmart's admission comes just a few weeks before Canada will become the second country in the world to legalize recreational marijuana. That big day is October 17th for those keeping score at home.
With Canada's Parliamentary Budget Officer predicting that marijuana sales would be between CA$4.2 billion and CA$6.2 billion annually, retail companies huge and small would be crazy not to take notice of the myriad of high-quality cannabis products in the market.