CBD is everywhere. From gas stations to health food stores, even finding its way into local independent pharmacies. Studies say that by 2024, CBD will be a 20 billion dollar industry. This is a perfect opportunity for pharmacies to tap into a product that can not only increase patient outcomes but also their cash profits.
If they haven’t already, pharmacies should consider breaking into this lucrative niche. We are here to explain the benefits of CBD and how your pharmacy can play a profitable part in offering patients (& pets) the natural relief they deserve.
Types of CBD
First, it is important to take note in the different types of CBD offered: full spectrum vs. broad-spectrum vs. isolate.
- Full-Spectrum CBD is full of all the terpenes, cannabinoids, flavonoids, and fatty acids found in hemp, and create what’s known as the entourage effect.
- Broad-Spectrum CBD is full-spectrum CBD with THC removed. Broad-spectrum CBD goes through a refinement process to remove THC compounds.
- With broad spectrum CBD oil, you are still getting the synergy of the other cannabinoids, with the THC removed.
- Isolate refers to an extraction process that isolates CBD from the rest of the compounds in the cannabis plant.
- This creates a CBD product that tests as high as 99% pure CBD, with non-detectable THC.
We recommend that pharmacies should start out by selecting a type of CBD that best suits their practice and their patients’ needs.
The health benefits of CBD are numerous and continue to grow. One reason for CBD’s increasing popularity among researchers and users is that it appears to relieve many distressing symptoms for a variety of disorders — but without the negative side effects of traditional medication.
In patients, CBD can help treat those with chronic conditions, cancer, diabetes, help relieve anxiety, reduce depression, inflammation, treat pain, improve sleep and the list goes on.
CBD for humans comes in the form of:
- Moisturizing creams
- Gel caps
- Roll-on topicals
- Beard oil
Don’t Forget Pets
CBD can help those furry companions too. CBD shows promise in supporting a pet’s neurology, cognitive function, immunity, allergies, joint mobility, and everyday health and wellness.
Pet CBD comes in the form of:
- Soft Chews
When starting a CBD regimen for humans or pets, it’s generally suggested to maintain a routine for at least two to three weeks to achieve optimal wellness. It is recommended to start with the lowest dosage and monitor improvement. If patients don’t see desired results after a couple of weeks, gradually increase the dosage.
The CBD market is flourishing in terms of usage and popularity. At a time when pharmacies are pressured by PBMs and DIR fees, having quality hemp extract OTC products to offer customers is a real game-changer, especially as patients are looking for more natural relief.
Pharmacies that currently offer CBD have seen an increased retention, foot-traffic & residual income. CBD is a cash model with a 40-50 percent margin on average. The average profitability per patient per month is $40. If a pharmacy were to assume one patient per day, the potential profit that pharmacy could see would be around $64,000 per year. Independent pharmacies could easily and drastically boost profits even if they want to move slowly.
How to Get Started
Pharmacies are known as “America’s Trusted Drug Experts” and are at an advantage and primed to own the CBD market. However, choosing a hemp extract product line for your pharmacy to sell can be a complicated and cumbersome decision. That’s where Aspire Health and PPSC come in.
Through our partnership with Aspire Health Pharmacy Services, PPSC has the solutions to get your pharmacy running with competitive pricing, discounts, and attractive rebates. Aspire Health has carefully selected CBD partners based on their quality of products, legality, and dedicated independent pharmacy support. If you are interested in learning more about our CBD Solutions, please connect with us today.