According to reports, Walmart Canada is looking into the likelihood of selling merchandise that is cannabis-based.
The silver-tuna retailer has carried out some “preliminary fact-finding” on possibly carrying Cannabidiol (CBD) infused products, though has no intentions to do so yet. Following the reports, Walmart’s stock was up 2%.
Walmart is the first major retailer to display an interest in being part of Canada’s mushrooming marijuana industry; as other big U.S. firms, mainly in the alcohol and beverage sectors, begin to earnestly consider joining the market for cannabis-infused products.
Walmart’s Canadian unit stated Tuesday it is ‘exploring the possibility’ of selling cannabis-based items, however has no imminent plans to get into the business.
CBD is a non-psychoactive component of weed that’s associated to a range of health benefits but, it can not get you high.
Canada is set to federally legalize marijuana on October 17.
In the US, the Cannabidiol market is projected to be a $1 billion business, and numerous analysts believe the market could erupt to $22 billion across a range of categories, including snacks, beauty products, and beverages in the next four years.
“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 explained to the press.
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